Economy

Credit Suisse posts big profit rise as activist circles

Credit Suisse posts big profit rise as activist circles”

Revenue: 4.97 billion Swiss francs, vs. expected 4.94 billion Swiss francs, according to Thomson Reuters.

Credit Suisse on November 2 reported an 80 percent year-on-year jump in pre-tax profit from continuing operations to 400 million Swiss francs for the third quarter, despite an 8 percent year-on-year decrease in net revenue to nearly 5 billion Swiss francs. It plans to focus on wealth management over investment banking and settle legal cases.

The results come amid calls from activist investor RBR Capital Advisors, a boutique Swiss hedge fund, to split up Credit Suisse into three parts.

Looking ahead to the rest of the year, Credit Suisse said it expects global economic growth to remain strong overall in the fourth quarter, "which could be a significant tailwind for our activities in spite of continuing geopolitical uncertainty".

In its earnings statement for the three months to September 30, Credit Suisse said adjusted pre-tax profits rose 90% year-on-year to 620m Swiss francs ($620m).

But he acknowledged that client activity remains "muted" as "uncertain geopolitical developments, central bank policies and the magnitude and timing of reforms in the United States, as well as historically low levels of volatility" have left their mark on business. Switzerland's largest bank, UBS, posted quarterly net profit of 946 million Swiss francs last week.

Credit Suisse's common equity Tier 1 capital ratio, assuming full implementation of Basel rules, was 13.2 percent at the end of September, down slightly from 13.3 percent at the end of June.



Like this

Latest


02 November 2017
IShares 10+ Year Credit Bond (CLY) Rises 0.25% for Nov 1
Mather Group LLC. increased its holdings in shares of iShares Barclays 1-3 Year Credit Bond Fd by 9.2% during the third quarter. A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock.

02 November 2017
SAS soldiers to be tried over deaths on training march
Cpl Dunsby's dad David has said he does not want the soldiers charged, adding: "These two men have people above them". They face a maximum sentence of two years if convicted in a military court.

02 November 2017
High Court refuses permission to appeal Apple ruling
Brian McDonagh's suit was turned down in February, while Sinead Fitzpatrick and Allan Daly's were denied just last month. The project has always been delayed by a judicial review undertaken by objectors to the project.

02 November 2017
MainaGate: Abba Kyari, Oyo-Ita In Heated Argument Over Buhari's Indictment
Maina was arraigned in absentia by the Economic and Financial Crimes Commission (EFCC), which declared him wanted in 2015. Both officials accused one another as being responsible for the leak.

02 November 2017
Run for Unity: Congress ignored Sardar Patel's legacy, says PM Modi
Either an attempt was made to erase their contribution from history or an attempt was made to minimize it. The Prime Minister administered a pledge to the participants.

02 November 2017
15 killed, 30 injured in Afghan oil tanker explosion
A security official said a sticky bomb destroyed two tankers, setting off an explosion that engulfed the bus, burning many passengers to death.

02 November 2017
How Have Alliant Energy Corporation (LNT) Earnings Forecasts Changed?
The VC1 is calculated using the price to book value, price to sales, EBITDA to EV, price to cash flow, and price to earnings. The Magic Formula was introduced in a book written by Joel Greenblatt, entitled, "The Little Book that Beats the Market".

02 November 2017
Eddie Redmayne and wife Hannah expecting second child
TV show Good Morning Britain, while promoting his Harry Potter spin-off, Fantastic Beasts and Where to Find Them , last year. Eddie and Hannah began dating in 2012 and the couple Wednesday at Babington House in Somerset just before Christmas 2014.

02 November 2017
Needham Boosts Rating On First Solar, Inc. (FSLR)
Cap Investors has invested 0.01% in First Solar, Inc. (NYSE:AME) earned "Buy" rating by Jefferies on Wednesday, September 20. On October 27 the company was set at "Buy" according to a Needham report which was a boost from the previous "Hold" rating.

02 November 2017
American Water Works Company, Inc. Reports 4% Advance In Q3 Bottom Line
The stock's 50-day average volume has been 861,452 shares, with an average of 100% of medium term indicators pointing toward Buy. Following the transaction, the chief operating officer now directly owns 94,702 shares in the company, valued at $7,770,299.10.



Recommended