ZURICH, April 25 (Reuters) - Credit Suisse on Wednesday reported 694 million Swiss francs ($707.4 million) in first-quarter net income, its best quarter since Chief Executive Tidjane Thiam launched a three-year restructuring plan for Switzerland’s second-biggest bank.
Net income attributable to shareholders for the first three months of 2018 was up 16.4 percent year on year, beating the average estimate in a Reuters poll of four analysts for 665 million francs. Credit Suisse’s own consensus forecast net profit of 649 million francs.
“With these first-quarter results, we got off to a good start in our third and final year of restructuring, and we are looking ahead to the future with confidence in our new business model and in our execution capabilities,” Thiam said in a statement.
$1 = 0.9811 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields