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Credit Suisse surpassed expectations in unsettled market

July 30, 2020 |Banking, Fintech

Credit Suisse surpassed expectations in unsettled market

Despite the great number of ambiguities and risks regarding the influence of the coronavirus pandemic on the global economy, the Swiss bank has shown its best second quarter results for the last ten years. This performance aligns with broader sectoral trends described in Swiss financial services 2020, which reflect resilience despite global instability.

In the period of April-June 2020 net income of Credit Suisse bank rose from the previous year to almost CHF 1.2 billion (more than 24%). Thomas Gottstein, Swiss bank chief executive is pleased with the work done.

The bank has sucked the advantage out of the Swiss market resilience and partially with the help of Swiss pro-government scheme to extend special credits for small and medium-sized companies to cope with a crisis caused by coronavirus. These credit initiatives are consistent with overarching fiscal responses like the modernization of income tax, aimed at stimulating post-crisis recovery.

Credit Suisse expectations

Uncertain future

It is still not clear, how long the business model of the company will stay sustainable and it is quite difficult to assess the effect of the coronavirus crisis.

The bank also announced some reorganization, merging different investment banking units into one "global investment bank". Such restructuring is occurring in parallel with regulatory revisions like the Banking act revision, intended to fortify institutional frameworks in volatile times.

Dividend payout

The bank advertised that it plans to pay the second installment of its fiscal 2019 dividend as it was planned before.

Earlier, Swiss financial market regulator Finma called on major banks to exercise restraint in their dividend distribution in a sign of global pandemic. This supervisory stance is part of FINMA’s broader approach to systemic risks, which includes mechanisms like FINMA cyber reporting to address digital vulnerabilities under heightened uncertainty.

This causes the criticism from several banks. And in a conclusion an agreement was concluded with Finma, according to which the banks would share dividend payments: one will be paid in spring and one in the fall. Such coordinated financial planning parallels Switzerland’s support for innovation in payment systems, as seen with regulatory developments around the Libra payment licence.

Source: https://www.swissinfo.ch/eng/latest-news/credit-suisse-exceeded-expectation/45936174

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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