Daily Management Review

Credit Suisse profit increases by 74% in the III quarter


11/01/2018


Credit Suisse increased its net profit in the third quarter, but the figure did not meet analysts' expectations.



Rillke
Rillke
Increased financial market volatility and declining profits from operations in Asia have had a negative impact on profits, Switzerland’s second largest bank said.

The net profit of Credit Suisse in July-September increased by 74% over the same period last year and amounted to 424 million Swiss francs ($ 421.55 million). Analysts polled by Reuters predicted an average profit of 449 million francs.

The bank's revenue in the III quarter was 4.8 billion Swiss francs against 4.9 billion francs a year earlier.

Total operating expenses amounted to 4.1 billion Swiss francs against 4.5 billion francs in the third quarter of 2017.

“The conditions were difficult this summer,” said General Director of Credit Suisse Tidjane Thiam.

In addition to the usual seasonal slowdown, increased volatility in emerging markets and the volatility of the currencies of some developing countries led to a decrease in customer activity, he explained.

Among the three main divisions of the bank, the capital management division continued to generate the highest profits. Its adjusted profit before tax was 411 million Swiss francs against 382 million francs a year ago.

The division for trade in world markets recorded a loss before tax in the amount of 96 million francs, while its revenue decreased by 17% in annual terms to 1.04 billion francs.

Pre-tax profit from operations in the Asia-Pacific region fell by 19% in annual terms to 176 million francs, revenue fell by 9% to 811 million francs.

Credit Suisse said that sentiment had deteriorated in the third quarter. The bank expects this negative trend to continue in the fourth quarter. Nevertheless, a significant number of transactions are expected to be completed in the last quarter of the year, depending on market conditions, the bank said.

source: reuters.com






Science & Technology

Apple to come up with AR glasses

WEF: Big data regulation becomes a problem

Israeli Firm Accused Of Spying By WhatsApp, Lawsuit Filed Against It

Google Used Quantum Computer To Solve Complex Problem

Mars Had Earth-like Salt Lakes

Study: AI is not as profitable as you might think

Porsche, Boeing set to develop flying electric car

Samsung to invest $ 11 billion in new generation displays

US is betting on Nokia and Ericsson to replace Huawei

UPS becomes first to receive full regulatory approval for UAV shipping in USA

World Politics

World & Politics

Argentina finds a way to pay off IMF loan

Sweden closes Assange rape inquiry

Has Chile Put All Its Eggs In One Basket To Turn Towards Renewable Energy?

‘We Are Woefully Underprepared’ As Glaciers Meltdown Leaving Global Water Supply At Risk

US to reconsider medical data security laws

Vale hiding information about problems at Brazilian dams could result in death of 270 people

US Lawmakers Introduce Bill About Xinjiang Uygur Camps In China

European Council agrees to extend Brexit again