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Press Release

Credit Suisse Group announces 1Q19 results

Driving net income higher despite challenging environment and strong first quarter 2018

First quarter 2019 highlights:

  • Net income attributable to shareholders of CHF 749 million, the highest quarterly profit since 3Q15
  • Group reported pre-tax income of CHF 1.06 billion, tenth consecutive quarter of year on year profit growth, reflecting a business mix that continues to perform well in challenging market conditions
  • Continued inflows of assets with total Wealth Management Net New Assets (NNA) of CHF 9.6 billion, representing an annualised growth rate of 5% for the quarter. Record Wealth Management Assets under Management (AuM) of CHF 786.1 billion at quarter-end
  • Strong total NNA, with CHF 35.8 billion in the first quarter, including CHF 27.6 billion in Swiss Universal Bank Corporate & Institutional Clients; total AuM of CHF 1.43 trillion, up 6% from the previous quarter-end
  • Global Markets (GM) delivered pre-tax income of USD 283 million and a return on regulatory capital of 9% in its first quarter after a deep three-year restructuring. These results reflect some of the early benefits from the restructuring in a challenging market environment
  • GM equity sales and trading revenues up 4%
  • GM fixed income sales and trading revenues down 2%
  • International Trading Solutions (ITS) increased its net revenues by 23% year on year, demonstrating the effective collaboration between Global Markets, Swiss Universal Bank and International Wealth Management and the benefits of our integrated approach in bringing institutional quality solutions to our ultra-high-net-worth (UHNW) clients
  • Continued discipline on productivity and efficiency resulted in operating expenses of CHF 4.2 billion, down 6% year on year
  • Strong capital base with CET1 ratio and Tier 1 leverage ratio unchanged since 4Q18, at 12.6% and 5.2%, respectively
  • Return on Tangible Equity (RoTE) of 8% achieved in spite of significant revenue headwinds
  • Tangible Book Value per share of CHF 15.47, up 4.3% vs. 1Q18
  • Share buyback commenced in January 2019; repurchased 21.3 million shares for CHF 261 million in the first quarter, with an objective of at least CHF 1.0 billion for FY 2019

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