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Credit Suisse Turns To Profit In Q4 - Quick Facts

Swiss banking giant Credit Suisse Group AG (CS) reported Thursday that its net income attributable to shareholders for the fourth quarter of 2018 was 292 million Swiss francs or 0.11 francs per share, compared to loss of 2.13 billion francs or 0.83 francs per share in the year-ago period.

The year-ago period's results included income tax expenses of 2.23 billion francs, mainly reflecting the re-assessment of deferred tax assets with an associated tax charge of 2.3 billion francs, primarily resulting from a reduction in the U.S. federal corporate tax rate following the enactment of the Tax Cuts and Jobs Act in the U.S.

Pre-tax income for the quarter was 628 million francs, a more than four-fold increase from 141 million francs in the prior-year quarter.

Adjusted pre-tax income was 846 million francs, compared to 569 million francs in the year-ago period.

Net revenues for the quarter declined 7 percent to 4.80 billion francs from 5.19 billion francs in the prior-year period. The decline in revenues primarily reflected lower net revenues in Global Markets and Asia Pacific.

The company's Board of Directors will propose to shareholders at the Annual General Meeting on April 26, 2019, that a distribution of CHF 0.2625 per share be paid out of capital contribution reserves for the financial year 2018.

For 2019, the Board approved a share buyback program of Group ordinary shares of up to 1.5 billion francs. The company expects to buy back at least 1.0 billion francs in 2019, subject to market and economic conditions.

For 2020, the company expects a similar share buyback program as in 2019, subject to approval by the board.

Credit Suisse's board is proposing Christian Gellerstad and Shan Li for election as new non-executive members of the Board of Directors at the AGM on April 26, 2019.

Andreas Koopmann will not stand for re-election at the AGM and Alexandre Zeller will step down from the board, with effect as of February 28, 2019. All other members of the board will stand for re-election for a further term of office of one year.

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