The Strategist

Credit Suisse doubles profit in Q2 2018

08/01/2018 - 08:16

The Swiss bank Credit Suisse Group AG increased its net profit in the second quarter of 2018 more than twice thanks to higher revenues.

Jamcib via flickr
Jamcib via flickr
As reported in the bank’s press release, net profit in April-June rose to 647 million Swiss francs ($ 652.5 million) from 303 million francs for the same period in 2017. Quarterly revenue of the bank increased from 5.21 billion to 5.6 billion francs. 
Analysts on average predicted a profit of 596 million francs with revenue of 5.33 billion francs.

At the same time, the bank's management warned that geopolitical and trade risks, as well as changes in the monetary policy of the world's leading central banks, could "lead to periods of heightened uncertainty in the remainder of 2018."

"Over time, such uncertainty can negatively affect confidence, and this, in turn, can affect a wide range of asset classes that are important for our market operations," said the bank's general director, Tidjane Thiam.

Credit Suisse’s shares of rise in price by 1.1% at the auctions in Zurich on Tuesday. Since the beginning of the year, the company's capitalization has decreased by 8.2%, to 40 billion francs.