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Credit Suisse posts first annual net profit since 2014

Reuters  |  ZURICH 

(Reuters) - on Thursday posted a 2.057 billion ($2.04 billion) net profit for 2018, wrapping up a three-year overhaul with its first annual profit since 2014.

Analysts polled by had expected Switzerland's second-biggest to bring in 1.968 billion francs on the bottom line and to increase its pre-tax profit by nearly 76 percent to 3.15 billion francs. Pre-tax income rose to 3.405 billion francs for the year.

"With lower costs, lower risks and more capital than at the start of our restructuring in 2015, we believe that the is now well positioned to withstand challenging market conditions when they arise, to capitalise on positive trends in the world economy and to grow revenue and profits, by meeting our clients' needs," said in a statement.

($1 = 1.0083 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 11:59 IST