Banking: Credit Suisse profit soars as overhaul pays off

25 April, 2018, 18:24 | Author: Sammy Rose
  • Banking: Credit Suisse profit soars as overhaul pays off

The Swiss bank said this was the sixth consecutive quarter of year-on-year (YoY) profit growth and the highest quarterly adjusted pre-tax income for the last 11 quarters.

Credit Suisse's real boost came from cost cuts, saving 10% across the group since the first quarter of two years ago, when restructuring really began.

Swiss bank Credit Suisse complies with sanctions regimes wherever it does business, Chief Executive Tidjane Thiam said after two USA senators demanded big banks disclose any links to rich Russians.

"With these first quarter results, we got off to a good start in our third and final year of restructuring, and we are looking ahead to the future with confidence in our new business model and in our execution capabilities".

For the first quarter, net income attributable to shareholders was CHF694 million, up 16% from last year's CHF596 million. The company said it stands to benefit from the growth of the global economy both in mature and developing markets across geographies. Credit Suisse "has sought to resolve Bank Payroll Tax-related issues over a number of years".

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Core pretax income was CHF1.46 billion, higher than CHF1.21 billion past year.

Total Asia-Pacific income before tax came in at 234 million francs (US$239.1 million) during the quarter ending March, on net revenues of 991 million francs.

Credit Suisse saw revenues fall 8 percent in its investment banking and capital markets division, but said it had a strong pipeline of prospective deals that remained "dependent on constructive market conditions". Total revenue in global wealth and at its Asia arm grew 21% and 15% respectively versus previous year in dollar terms.

In the quarter, assets under management were CHF1.38 trillion, up 5.8% from CHF1.30 trillion a year ago.

"Market estimates are not particularly demanding and, in our view, will be revised upwards each time the bank proves to reap fruits from all the self-help measures", Baader Helvea analyst Tomasz Grzelak said in a note. This is thanks to the fresh money, from Chinese, Japanese and Southeast Asian clients, but also a 1.1 billion franc transfer from Credit Suisse's "bad bank".

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