Credit Suisse 1Q Beat Expectations -- Earnings Review

By Pietro Lombardi

Credit Suisse Group AG (CSGN.EB) on Wednesday delivered better-than-expected results for the first quarter. Here's what you need to know:

NET PROFIT: Net profit rose 8% on year to CHF749 million ($735 million), beating analysts' expectations of CHF682 million, according to a consensus forecast provided by the bank.

REVENUE: Revenue of CHF5.39 billion beat expectations too. Analysts had seen revenue at CHF5.20 billion.

WHAT WE WATCHED:

-DIVISIONAL PERFORMANCE: The bank's global markets and wealth-management units beat expectations while the investment-banking division showed some weaknesses. In the international wealth-management unit, pretax profit rose 8% on year to CHF523 million compared with expectations of CHF435 million. In global markets, pretax profit of CHF282 million significantly exceed expectations of CHF171 million.

-INVESTMENT BANKING REVENUE: Total investment banking revenue fell 17% on year in the first quarter, hit by a significant decline in advisory and underwriting revenue.

-OPERATING EXPENSES: Total operating expenses fell 6% on year to CHF4.24 billion.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

April 24, 2019 05:20 ET (09:20 GMT)

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