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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.

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.

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".

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 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.

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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