February 14, 2019 / 6:29 AM / 6 months ago

Credit Suisse posts first annual net profit since 2014

ZURICH, Feb 14 (Reuters) - Credit Suisse on Thursday posted a 2.057 billion Swiss franc ($2.04 billion) net profit for 2018, wrapping up a three-year overhaul with its first annual profit since 2014.

Analysts polled by Reuters had expected Switzerland’s second-biggest bank to bring in 1.968 billion francs on the bottom line and to increase its pre-tax profit by nearly 76 percent to 3.15 billion francs. Pre-tax income rose to 3.405 billion francs for the year.

“With lower costs, lower risks and more capital than at the start of our restructuring in 2015, we believe that the bank is now well positioned to withstand challenging market conditions when they arise, to capitalise on positive trends in the world economy and to grow revenue and profits, by meeting our clients’ needs,” Chief Executive Tidjane Thiam said in a statement.

$1 = 1.0083 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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