Credit Suisse announces Q4 and 2009 results
by Richard Kilner
Story link: Credit Suisse announces Q4 and 2009 results
Investment bank Credit Suisse has released its financial results for Q4, and for 2009 as a whole.
For the year, net income was recorded at CHF 6.7bn, with new assets worth CHF 44.2bn, and return on equity of 18.3%.
In the final quarter of 2009, Credit Suisse made net income of CHF 0.8bn, with new assets worth CHF 12.5bn, and a return on equity of 8.3%.
From Q3 2009 this is a substantial decline of around two-thirds, with Q3 seeing net profits of CHF 2.4bn.
Chief Executive Officer Brady W. Dougan has said that over the last two years the firm had undergone a fundamental change in the way it does business, moving to a more client-focused, capital-efficient approach with less volatility.
Dougan went on to say that Credit Suisse was now in a robust position, adding that it was well-placed to succeed into the future.