Credit Suisse Posts First-Quarter Profit of $600 Million
April 26 2017 - 2:15AM
Dow Jones News
By Brian Blackstone
ZURICH-- Credit Suisse Group AG said its first-quarter net
income was 596 million Swiss francs ($600 million), topping
analysts' expectations on strong performance in its
wealth-management and global-markets divisions.
Also Wednesday, the Swiss banking giant said its board will
propose a share-capital increase of 4 billion francs through
new-share issuance. The proposal will be considered at an
extraordinary general meeting on May 18.
Last quarter's profit compared with a year-earlier net loss of
302 million francs. Revenue was up 19%, to 5.5 billion francs. The
median forecast of outside analyst forecasts compiled by the bank
was for net income of 332 million francs on revenue of around 5.5
billion francs.
Credit Suisse endured a bumpy 2016 as it shifted from the
volatile investment-banking business toward wealth management. Last
year ended with the bank's reaching a $5.3 billion settlement with
U.S. authorities to resolve a case involving mortgage-backed
securities sold in the run-up to the financial crisis.
The bank posted a 2.4 billion franc loss last year.
Credit Suisse had previously signaled that 2017 had gotten off
to a strong start, particularly in its investment-banking and
wealth-management units, due to the rosier mood in financial
markets following the U.S. presidential election.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
April 26, 2017 02:00 ET (06:00 GMT)
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