Corporate Press Release

Press Release

Credit Suisse Group announces 3Q18 results

 
  • Third quarter adjusted* pre-tax income of CHF 856 million, 38% higher than third quarter of 2017; strongest third quarter since 2014 on an adjusted* basis; reported pre-tax income of CHF 671 million, up 68%
  • Lowest quarterly adjusted* costs in last five years, on track to achieve our adjusted* operating cost base target of less than CHF 17 billion1 by end 2018; cumulative net cost savings of CHF 4 billion1 since end-2015, representing 96% of our total targeted cost savings
  • Tenth consecutive quarter of profit and eighth consecutive quarter of year-on-year profit increase, both on an adjusted* basis
  • Strong third quarter inflows in Wealth Management with CHF 10.3 billion of Net New Assets (NNA); total NNA for Wealth Management and Asset Management of CHF 14.8 billion for the quarter, up 29% year-on-year
  • Record Wealth Management AuM of CHF 785 billion, up 4% year-on-year; total AuM of CHF 1.4 trillion at the end of the third quarter, up 5%
  • IBCM net revenues of USD 543 million, up 15%, outperforming the Street2 – down 5%, driven by strength in M&A and Equity Capital Markets, delivering on the strategy we set out in 2015
  • Net income attributable to shareholders of CHF 424 million for the quarter, up 74% year-on-year
  • Strong capital position; look-through CET1 ratio increased to 12.9% from 12.8% at end-2Q18. Following the call of CHF 5.9 billion of High-Trigger Tier 1 capital instruments and successful High-Trigger Tier 1 issuances at lower cost, look-through Tier 1 leverage ratio of 5.1%

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