Credit Suisse swung back to profit last year for the first time since 2014, despite some challenging market conditions.
The bank reported a full-year net profit of 2.1 billion Swiss francs ($ 2.08 billion) for 2018. The Swiss lender reported a net loss of 983 million Swiss francs in 2017.
For it’s fourth-quarter, the company reported a net income of 292 million Swiss francs. Analysts were expecting a net income of 224.63 million Swiss francs, according to Reuters.
Here are some other details:
- Assets under management rose 2.1 percent year-on-year.
- CET 1 ratio stood at 12.6 percent at the end of 2018 versus 13.5 percent at the end of 2017.
Tidjane Thiam, chief executive officer of Credit Suisse, said in a statement: “We saw during the fourth quarter the continued benefits of positive operating leverage in challenging market conditions as well as the benefits of our de-risking efforts as we recorded no material losses in our credit activities, in spite of large increases in spreads.”
Credit Suisse completed at the end of last year its three-year restructuring program.
Media reports on Thursday suggested that the Swiss bank could scrap bonuses this year, after losing money in a commodity financing deal in the last quarter of 2018.
