Credit Suisse Group has reported a 229% increase in its net income attributable to shareholders for the fourth quarter 2019 at CHF852m ($869.26m) compared to CHF259m ($264.25m) made in the same quarter in the year before.
In the third quarter of 2019, the Swiss investment banking company’s net income was CHF881m.
Net revenues of the banking group for Q4 2019 went up by 29% to CHF6.2bn compared to CHF4.8bn in Q4 2018.
The total operating expenses for the reported quarter were up by 17% from CHF4.14bn in Q4 2018 to CHF4.83bn.
Credit Suisse’s Swiss Universal Bank unit saw its Q4 2019 revenues increase by 27% to CHF1.74bn compared to CHF1.37bn earned in the same quarter in 2018.
The international wealth management business had a 17% growth in its net revenues at CHF1.64bn in the reported quarter against the figure of CHF1.4bn registered in the corresponding quarter in 2018.
In the investment banking and capital markets, Credit Suisse saw a 9% drop in net revenues from CHF475m made in Q4 2018 to CHF431m in Q4 2019.
For the full year 2019, Credit Suisse’s net income attributable to shareholders surged 69% to CHF3.41bn compared to CHF2.02bn reported for the full year 2018.
The Swiss bank had a 7% increase in its net revenues for the full year 2019 at CHF22.48bn compared to CHF20.92bn made in the year before.
Credit Suisse CEO comments on the Q4 2019 and FY2019 results
Credit Suisse Group outgoing CEO Tidjane Thiam said: “We began 2019 in a challenging market environment, with muted client activity in the first quarter.
“As the environment became more constructive in the second and third quarters, we were able to progressively improve revenue momentum and flexed our cost base accordingly to capture growth opportunities, finishing the year with a strong fourth quarter.
“Throughout the year we have continued to create positive operating leverage, with the fourth quarter being our 13th consecutive quarter of year on year profit growth, a significant achievement for us.”
