Credit Suisse posts 8% rise in net profit following three-year restructuring plan

FAN Editor

Credit Suisse produced another rise in net profit for the first quarter of 2019, its first period following the completion of its three-year restructuring plan.

The bank reported a net income of 749 million Swiss francs ($733.93 million) for the first quarter of this year, an 8% increase year-on-year. Analyst expectations were pointing to a net income of 692 million Swiss francs, according to a Reuters poll.

“In a challenging quarter, which was the first after the end of our three-year restructuring, we achieved our fifth consecutive quarter of positive income,” Tidjane Thiam, the chief executive officer of the Swiss bank, said in a statement.

The results come after the Swiss bank swung back to profit in 2018 for the first time in four years.

“Having cleaned the balance sheet, dealt with the main legacy issues, (now) it is about to grow and stay close to our clients,” Thiam told CNBC back in February.

At the time, Thiam warned that different political issues, including Brexit and the U.S.-Sino trade war, were raising uncertainties about the coming months. Shares of Credit Suisse are down about 17% over the last 12 months.

This is a breaking news story, please check back later for more.

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