Credit Suisse confirms target for 2019 after a 45% jump in net income in the second quarter

ZURICH (Reuters) – Credit Suisse (CSGN.Sposted Wednesday its highest quarterly profit in four years, confirming its profitability target for 2019 after a 45% jump in earnings in the second quarter.

The second-largest bank in Switzerland has confirmed its ambitions this year to achieve a return on tangible equity (RoTE) of 10-11%, an indicator that measures profit as a percentage of equity after subtracting the difference between acquisition and other tangible badets. That's double the 5.5% recorded in 2018.

"We achieved a tangible return on equity of 10% for the first time since the launch of our restructuring in the fourth quarter of 2015," said General Manager Tidjane Thiam in a statement. "We wanted to be a leading wealth manager with strong investment banking capabilities and we continued to make progress on both fronts."

The bank said it had experienced good levels of customer engagement in the third quarter, but added that current market conditions would affect whether or not this commitment translates into the future. 39, customer activity.

The net profit of 937 million Swiss francs (778.07 million pounds sterling) was well above the forecast for the second quarter, compared with the bank's consensus forecast of 788 million francs.