Credit Suisse has earned in the third quarter of 2019, significantly more than in the previous year. Analysts had expected a strong increase, the Bank exceeded its profit forecasts but still.
net income rose to 881 million francs, according to 424 million francs in the year-on-year. Before taxes, there were 1.14 billion francs to 1,30 billion, as the Bank informs.
The income reached to 5.33 billion to 4,89 billion in the previous year, and 5.58 billion in the previous quarter. In the case of a business expense of 4.11 billion, a ratio of cost and income (Cost/Income Ratio) of around 77 percent.
With the Numbers the analysts ‘ forecasts were exceeded on all levels. According to AWP-consensus was expecting a total return of 5.20 billion and a pre-tax profit of 1.13 billion and a net profit of 776 million.
CEO Tidjane Thiam on 3Q19 results. For his full quote, follow the link and download our Media Release: https://t.co/ECadI318Tc #CSresults
— Credit Suisse (@CreditSuisse) October 30, 2019
“In the third quarter of 2019, we have our strategy to be a leading asset Manager with strong expertise in Investment Banking, continue to be implemented”, was group chief Executive Tidjane Thiam on Wednesday in a message to quote.
The Bank received in the period from July to September, Net new money in the amount of 12.8 billion Swiss francs. The managed assets increased by the end of September to 1,482 billion to 1’460 billion at the end of June.
the Usual seasonal decline in Q4
With a view to the front of the CS is expected for the final quarter with the normal seasonal decline, which was due to the holidays in many regions of the world. In addition, the Management assumes that the challenges would continue, given the continuing difficult geopolitical situation, in particular in connection with the trade dispute between the United States and China, as well as the Brexit,. This should in turn lead to more restraint with respect to capital expenditure and investment activities, especially also with a view to the coming years 2020 and 2021.
The long-term prospects in the asset management sees the CS-management, however, remains attractive. “We are convinced that we are well positioned to achieve continued profitable growth,” said Thiam.
(oli/reuters/sda)
Created: 30.10.2019, 07:12 PM
