Credit Suisse to Launch Up to $1.5 Billion Share Buyback in 2020, Returns to Rise

Date : 12/11/2019 @ 7:19AM
Source : Dow Jones News
Stock : Credit Suisse Group (CS)
Quote : 13.64  0.0 (0.00%) @ 11:27AM

Credit Suisse to Launch Up to $1.5 Billion Share Buyback in 2020, Returns to Rise

Credit Suisse (NYSE:CS)
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   By Pietro Lombardi 
 

Credit Suisse Group AG (CSGN.EB) will launch a buyback of up to 1.5 billion Swiss francs ($1.52 billion) next year, when it expects to deliver growing profitability and dividends.

The Swiss bank targets a return on tangible equity, a key measure of profitability, of roughly 10% next year, up from the more than 8% it expects to achieve this year. Should markets support revenue growth, the bank's RoTE may reach roughly 11%, the Swiss bank said Wednesday ahead of its investor day. In the medium term, RoTE is expected to rise above 12%.

The bank said it would distribute at least 50% of its 2020 net income to shareholders, via a mix of dividends and buyback. A share buyback of up to CHF1.5 billion for 2020 has been approved, depending on market conditions, with at least CHF1 billion expected to take place.

Dividends are expected to grow by at least 5% per year.

The bank also gave an update on its performance for the last quarter of the year, which it said has improved compared with the same period last year.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

December 11, 2019 02:04 ET (07:04 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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