Credit Suisse Sees Continued Momentum In FY19

Swiss banking major Credit Suisse Group AG (CS) announced Wednesday that it continued momentum in 2019 with strong growth across key metrics. The company expects to achieve a reported Return on Tangible Equity or RoTE of greater than 8 percent for the full year 2019.

The company said its fourth-quarter business performance so far has improved against last year. The company earlier said it expected to see the usual seasonal slowdown as a result of the holiday season in many parts of the world, as well as headwinds from the ongoing challenging geopolitical environment.

At the investors day today, the company will outline its plans to maintain momentum in 2020 as well as to continue to increase returns in 2020 and beyond.

In 2020, the company aims to deliver approximately 175 basis points of RoTE uplift, with additional upside in a constructive market environment, and approximately 10 percent RoTE.

The company projects continued discipline on costs to drive positive operating leverage. At least 50 percent of net income would be paid out in 2020 through dividends and share buybacks.

The company projects approved buyback of Credit Suisse ordinary shares of up to 1.5 billion Swiss francs for 2020, with at least 1.0 billion francs expected in 2020.

Further, it plans to continue to increase ordinary dividend by at least 5 percent per annum.

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