Credit Suisse 3Q results put bank back on course for annual profit
Switzerland’s second-largest bank published its 3Q results today, and revealed a jump in pre-tax income of €589m, a rise of 38% on the same period last year.
The solid set of results, coming after a period of losses and upheaval for the international group, puts Credit Suisse on course for its first annual profit since Tidjane Thiam took charge as the bank’s CEO in 2015.
While a 74% earnings increase in 3Q puts the bank back on a path to growth, the restructuring of its investment business continued to weigh on revenues.
Thiam is looking to return Credit Suisse to profit after three years of restructuring across the business.
The quarterly results also reported net profit of €370m in the three months to the end of September, a shade lower than analysts had forecast.
The bank said on Thursday it was refocusing on its wealth management arm, and particularly catering to HNWI clients: “We expect our wealth management-related businesses – across Swiss Universal Bank, International Wealth Management and Asia Pacific WM&C – to continue to benefit from broad-based, client-led growth in the final quarter of the year.”
Thiam also said in a statement he has forecast lower restructuring costs in 2019, as the turnaround plan enters its final phase.