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Credit Suisse restates financial results to ready investors

Zurich - Credit Suisse Group AG revisited five years of financial statements to provide a track record for its new divisions in time for next month’s earnings report.

The figures issued Friday show the Swiss business with a pre-tax profit of 1.3 billion francs ($1.3bn) at the end of the first nine months of last year. Credit Suisse recorded 994 million francs of income before tax for its Asia-Pacific division through September.

In an overhaul announced in October, the bank was reorganized along geographical lines, including separate units for its Swiss operations and for clients in the Asia-Pacific region.
 
The investment bank was split into two divisions covering the world beyond APAC and Switzerland, with trading activities folded into a global markets division and advisory and underwriting operations grouped under investment banking and capital markets.

Global markets earned 1.53 billion francs in the first nine months of last year, the bank said, without disclosing revenue for fixed income and equities. Investment banking and capital markets posted a pre-tax profit of 144 million francs in that period.

Restating financial reports since 2011 to mirror the new structure will improve market understanding of the company, said Amy Rajendran, a spokesperson for the Swiss bank. For analysts, it provides a basis for determining if the bank is advancing toward its goals, which include floating part of its Swiss bank and more than doubling pretax profit from APAC.

Credit Suisse remains committed to all targets set in October, chief financial officer David Mathers said on a call with analysts on Friday.

Andreas Venditti, an analyst at Vontobel in Zurich, said the numbers for the Swiss business weren’t detailed enough as consumer operations were lumped together with corporate and private banking. “It would have been desirable to show the distinction between wealth management and retail banking,” he said.

Credit Suisse has declined 17% since chief executive officer Tidjane Thiam outlined plans to increase capital, scale back the investment bank and expand wealth management. The bank raised about 6 billion Swiss francs in a share sale that was completed in December.

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