Credit Suisse 1Q Beat Expectations -- Earnings Review
April 24 2019 - 5:35AM
Dow Jones News
By Pietro Lombardi
Credit Suisse Group AG (CSGN.EB) on Wednesday delivered
better-than-expected results for the first quarter. Here's what you
need to know:
NET PROFIT: Net profit rose 8% on year to CHF749 million ($735
million), beating analysts' expectations of CHF682 million,
according to a consensus forecast provided by the bank.
REVENUE: Revenue of CHF5.39 billion beat expectations too.
Analysts had seen revenue at CHF5.20 billion.
WHAT WE WATCHED:
-DIVISIONAL PERFORMANCE: The bank's global markets and
wealth-management units beat expectations while the
investment-banking division showed some weaknesses. In the
international wealth-management unit, pretax profit rose 8% on year
to CHF523 million compared with expectations of CHF435 million. In
global markets, pretax profit of CHF282 million significantly
exceed expectations of CHF171 million.
-INVESTMENT BANKING REVENUE: Total investment banking revenue
fell 17% on year in the first quarter, hit by a significant decline
in advisory and underwriting revenue.
-OPERATING EXPENSES: Total operating expenses fell 6% on year to
CHF4.24 billion.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 24, 2019 05:20 ET (09:20 GMT)
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