C Suisse swings back to profit for the first time since 2014

Tidjane Thiam

Credit Suisse swung back to profit for the first time since 2014 after it reported a full-year net profit of 2.1 billion swiss francs for 2018.

The bank reported a full-year net profit of 2.1 billion Swiss francs ($ 2.08 billion) for 2018. The Swiss lender reported a net loss of 983 million Swiss francs in 2017.

For it's fourth-quarter, the company reported a net income of 292 million Swiss francs. Analysts were expecting a net income of 224.63 million Swiss francs, according to Reuters.

Here are some other details:

  • Assets under management rose 2.1 percent year-on-year.
  • CET 1 ratio stood at 12.6 percent at the end of 2018 versus 13.5 percent at the end of 2017.

Tidjane Thiam, chief executive officer of Credit Suisse, said in a statement: "We saw during the fourth quarter the continued benefits of positive operating leverage in challenging market conditions as well as the benefits of our de-risking efforts as we recorded no material losses in our credit activities, in spite of large increases in spreads."

Credit Suisse completed at the end of last year its three-year restructuring program.

Media reports on Thursday suggested that the Swiss bank could scrap bonuses this year, after losing money in a commodity financing deal in the last quarter of 2018.

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