The Swiss bank returned to profits in the fourth quarter, marking a successful achievement of targets for CEO Tidjane Thiam. Credit Suisse's trading department remains a worry.
Credit Suisse profit for the last three months of 2018 stood at 292 million Swiss francs ($290 million) from a net year-ago loss of 2.1 billion francs. The Swiss bank has smashed nearly all market expectations with the result, which follows an eventful three-year restructuring under CEO Tidjane Thiam.
Turbulent financial markets at year-end didn't affect Credit Suisse as much as rivals: the bank's pre-tax profit of 628 million francs was more than four times the year-ago result. Credit Suisse's trading arm posted a loss – as flagged previously – of 193 million francs, which was less than expected.
On the wealth management side, the bank hovered up 500 million francs in the quarter, which translates to a growth rate of just shy of 4 percent. Withdrawals in Europe partly offset inflows from other, more buoyant emerging markets, Credit Suisse said.
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