Credit Suisse Net Profit Increased 16% in 1Q
April 25 2018 - 1:48AM
Dow Jones News
By Pietro Lombardi
Credit Suisse Group AG (CSGN.EB) on Wednesday said it had a
double-digit increase in net profit in the first quarter, beating
analysts' expectations.
The Swiss bank said net profit grew roughly 16% to 694 million
Swiss francs ($709.1 million).
Revenue stood at CHF5.64 billion compared with CHF5.53 billion
in the same period last year.
Analysts had expected Credit Suisse to report net profit of
CHF653 million on revenue of CHF5.49 billion, according to a
forecast provided by the company based on estimates from 19
analysts.
"With these first-quarter results, we got off to a good start in
our third and final year of restructuring," Chief Executive Tidjane
Thiam said.
"We expect markets and a wide range of asset classes to be
exposed to periods of heightened volatility," the bank said in a
statement.
Credit Suisse said it expects its key Wealth Management and IBCM
businesses to benefit from economic growth in both mature and
developing markets.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 25, 2018 01:33 ET (05:33 GMT)
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