Credit Suisse delivered on its promise for a turnaround in Q1, recording a rise in revenues and income.
Following the earlier positive Q1 earnings releases from US lenders, many were wondering whether or not their European counterparts would follow suit. Credit Suisse today reported its Q1 2017 earnings, which did not disappoint, helping placate an uneasy investor base that had seen a number of different setbacks over the past year.
Credit Suisse has been facing a rough stretch, not unlike other European lenders. However, while Q4 2016 proved to be a troubling quarter for banks, Q1 2017 has thus far been far more kind.
Just three months removed from a $2.4 billion loss for the 2016 fiscal year, Credit Suisse has largely reversed its fortunes, reporting a number of metrics all pointed higher across its business segments. In terms of its net revenues, the group saw a figure of CHF 5.5 billion ($5.5 billion) in Q1 2017, up 19.0 percent year-over-year from Q1 2016.
Nowhere was the reversal more evident than across Credit Suisse’s pre-tax income, having yielded CHF 670.0 million ($674.0 million) in Q1 2017 – this erased the CHF 484.0 million ($486.7 million) incurred back in Q1 2016. One of the paramount drivers of this trend was the Wealth Management unit's strong performance which had been flagged as one of the worst performers over the past six months.
Q1 2017 was a different picture, with the division up 24.0 percent year-over-year from the year prior, responsible for CHF 12.0 billion ($12.1 billion). Furthermore, the group also saw a strong reduction in adjusted total operating expenses due to FX rates, accounting for CHF 4.6 billion, which represented the lowest level of expenses in a quarter since 2013.
According to Urs Rohner, Chairman of the Board of Credit Suisse, in a statement on the earnings: “We have undertaken a thorough review of our options regarding the next stage of our capital plan and have asked our CEO and management team to make a recommendation to the Board of Directors.”
“During those discussions, we carefully weighed the options of proceeding with the partial IPO of Credit Suisse (Schweiz) AG and raising capital through a rights offering to existing shareholders. The CEO and management team have proposed proceeding with a capital raise instead of a partial IPO, and this has been unanimously approved by the Board of Directors,” he added.
Following the earlier positive Q1 earnings releases from US lenders, many were wondering whether or not their European counterparts would follow suit. Credit Suisse today reported its Q1 2017 earnings, which did not disappoint, helping placate an uneasy investor base that had seen a number of different setbacks over the past year.
Credit Suisse has been facing a rough stretch, not unlike other European lenders. However, while Q4 2016 proved to be a troubling quarter for banks, Q1 2017 has thus far been far more kind.
Just three months removed from a $2.4 billion loss for the 2016 fiscal year, Credit Suisse has largely reversed its fortunes, reporting a number of metrics all pointed higher across its business segments. In terms of its net revenues, the group saw a figure of CHF 5.5 billion ($5.5 billion) in Q1 2017, up 19.0 percent year-over-year from Q1 2016.
Nowhere was the reversal more evident than across Credit Suisse’s pre-tax income, having yielded CHF 670.0 million ($674.0 million) in Q1 2017 – this erased the CHF 484.0 million ($486.7 million) incurred back in Q1 2016. One of the paramount drivers of this trend was the Wealth Management unit's strong performance which had been flagged as one of the worst performers over the past six months.
Q1 2017 was a different picture, with the division up 24.0 percent year-over-year from the year prior, responsible for CHF 12.0 billion ($12.1 billion). Furthermore, the group also saw a strong reduction in adjusted total operating expenses due to FX rates, accounting for CHF 4.6 billion, which represented the lowest level of expenses in a quarter since 2013.
According to Urs Rohner, Chairman of the Board of Credit Suisse, in a statement on the earnings: “We have undertaken a thorough review of our options regarding the next stage of our capital plan and have asked our CEO and management team to make a recommendation to the Board of Directors.”
“During those discussions, we carefully weighed the options of proceeding with the partial IPO of Credit Suisse (Schweiz) AG and raising capital through a rights offering to existing shareholders. The CEO and management team have proposed proceeding with a capital raise instead of a partial IPO, and this has been unanimously approved by the Board of Directors,” he added.
CME FX Link Volume Surges 193% as Currency Trading Soars
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24