The Credit Suisse Group has issued a news release reporting net income of CHF 4.7 billion for the first nine months of 2004, with net income of CHF 1.4 billion for the third quarter itself. Credit Suisse Group’s return on equity was 15.3% in the third quarter and 17.7% in the first nine months of 2004.
Oswald J. Grübel, CEO of Credit Suisse Group, stated, *”Overall, Credit Suisse Group reported solid net income for the first nine months of the year, while it experienced a mixed third quarter against a backdrop of subdued market sentiment, significantly reduced client activity and normal seasonal effects.”*
Turning to the individual businesses, he added, *”In Private Banking, we reported seasonally lower results but underscored our ability to produce solid earnings. **Corporate & Retail Banking** confirmed its importance as a stable source of earnings, again delivering solid results. **Credit Suisse First Boston** achieved improvements in certain areas – and we are nearing completion of a comprehensive strategic review of its business and expect to announce our conclusions shortly. Our insurance business, **Winterthur**, delivered a very positive performance, reaffirming its core earnings strength in the first nine months of the year.”*
Mr. Grübel concluded that Credit Suisse has the people, the capital strength and the necessary expertise to further enhance its existing platform and to realize its full potential. He said, *”With our well-known track record in innovation, Credit Suisse Group is well positioned to close the gaps in performance and drive the business forward, while focusing on providing clients with products and services that create value in a less predictable market environment.”*
Credit Suisse Group is confident it can achieve a good result for the full year 2004. The Group does not anticipate that the overall market for financial services will grow significantly over the next few quarters. Consequently, it expects that earnings growth can be achieved primarily through tight cost management and increased market share.
The Group’s new integrated management structure will further enhance cooperation throughout the company and allow clients to be served across multiple business lines. This should pave the way for the more efficient allocation of capital and other resources, which will be deployed with a view to expanding Credit Suisse Group’s key businesses.
Credit Suisse (Bahamas) Ltd., Credit Suisse First Boston, and Credit Suisse Wealth Management all maintain offices in the Bahamas Financial Centre, downtown Nassau. Credit Suisse Trust Bahamas also is located in the Financial Centre.