Credit Suisse annual profit up nearly 70%
The lender wants to grow its revenues in wealth management in 2020
Stocks impacted: Credit Suisse (CS)
Credit Suisse reported a net income of $3.48 billion for 2019, slightly above market expectations. Meanwhile, net profit for the fourth quarter was $872.6 million. Return on tangible equity hit 9% in 2019, vs 5% in 2018. Net revenues reached 22.4 billion Swiss francs, vs 20.9 billion Swiss francs in 2018 while operating expenses rose 1% from 2018 to 17.4 billion Swiss francs. Pretax profit rose 54% on year at the bank’s international wealth-management business. Switzerland’s second-largest bank by assets said it wants to grow its revenues in wealth management in 2020, increase profitability further and keep cost discipline. As a reminder, last week, the lender announced that CEO Tidjane Thiam is leaving the top position after a drawn-out spying scandal at the bank.
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