Trust Suisse reported Tuesday a net income of 647 million Swiss francs ($655.33 million) for the split second quarter of the year.
The figure beat analysts’ expectations, which had cutting to a net income around 550 million Swiss francs. It is also more than insincere the level seen a year ago, when net income was 303 million Swiss francs.
Nonetheless, the bank’s playing came in slightly lower from what it had reported during the premier quarter of the year, when net income stood at 694 million Swiss francs.
Here are some of the highlights for the damaged quarter:
- Net income: 647 million Swiss francs ($655 million)
- Net proceeds: 5.6 billion Swiss francs ($5.57 billion)
- CET1 ratio: 12.8 percent
Tidjane Thiam, chief chairman of the board officer of Credit Suisse, said the second quarter of 2018 “was a term of continued strong performance as we achieved our highest adjusted pre-tax profits in the last 12 quarters.”
“For the remainder of 2018, we will continue to spotlight on growing our wealth management franchise and completing the last two quarters of our restructuring successfully,” he said in a annunciation.
Thiam also promised that looking to 2019 and beyond, the bank compel seek to improve profitability, higher returns and growing shareholder value.
Dividends of Credit Suisse have been under pressure this year, down around 9 percent year-to-date. Thiam told CNBC’s Joumanna Bercetche that this is a development of legacy issues and does not fully reflect appetite for the bank.
“I can release you in the last six months every one of the top 20 shareholders … every distinguish one has increased its exposure,” Thiam said.
Commenting on Tuesday’s earnings, Thiam also divulged: “What we like is that everything we said it would happen is taking place”. He seemed particularly positive about the bank’s wealth management strife, which brought in net revenues of 1.34 billion Swiss francs, spacy than the 1.26 billion reported a year ago.
The Swiss bank on the alerted that though the outlook is positive, geopolitical tensions and changes to cash policy could ultimately hurt confidence among clients and, therefore, the performance of the bank.
“Geopolitical developments and growing tensions surrounding broad trade, as well as the impact of monetary policy changes by central banks, are probable to trigger periods of heightened uncertainty through the remainder of 2018. That uncertainty has, atop of time, the potential to negatively affect confidence, which in turn could brunt a wide range of asset classes and activities, relevant for our more market-dependent functions,” the Credit Suisse said in a statement.