Market Overview

Credit Suisse Reports Q2 Earnings Beat

Credit Suisse Reports Q2 Earnings Beat

Credit Suisse Group AG (NYSE: CS) announced its financial results for the year's second quarter on Thursday, amid a backdrop of structural change at the Swiss bank.

The bank posted a net income of $1.27 billion in the quarter, up 24% from the similar period a year ago. This is also a 38.2% increase over the $918.36 million net income analysts polled by Refinitiv had estimated, CNBC reported earlier.

Revenue increased to $6.8 billion, which compares with the $6.1 billion revenue posted in Q2 2019.

CET 1 ratio, a measure of the bank’s solvency, was at 12.5% in Q2 compared with 12.1% at the end of Q1.

“With an [Return on Tangible Equity] of 11.0% for the second quarter and 12.0% for the first six months 2020, we delivered on our pre-COVID-19 ambition to achieve an RoTE of approximately 10% for 2020," Credit Suisse CEO Thomas Gottstein said in a statement.

The bank also announced several structural changes such as the creation of a global investment bank, which merges the bank’s global markets and investment banking divisions, and a savings program of $438 million, due to come into force in 2022. 

Price Action: Credit Suisse shares closed 1.04% higher at $10.65 on Wednesday.

Photo courtesy: Credit Suisse Group AG


Related Articles (CS)

View Comments and Join the Discussion!

Posted-In: banks CNBC Refinitiv SwitzerlandEarnings News Global

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at