July 31, 2019 / 5:24 AM / 24 days ago

Credit Suisse confirms 2019 target after Q2 net profit jumps 45%

ZURICH, July 31 (Reuters) - Credit Suisse on Wednesday posted a 45% net profit rise for the second quarter of 2019 and confirmed its profitability target for 2019.

The 937 million Swiss franc ($945.51 million) net profit put earnings well ahead of the bank's own consensus forecast for 788 million francs.

"We achieved a return on tangible equity of 10% for the first time since we launched our restructuring in the fourth quarter of 2015," Chief Executive Tidjane Thiam said in a statement. "We wanted to be a leading wealth manager with strong investment banking capabilities, and we have continued to make progress on both of these fronts." ($1 = 0.9910 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)

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