Credit Suisse Group AGÂ (CSÂ -Â Snapshot Report) reported impressive fourth-quarter 2014 earnings. Net income attributable to shareholders came in at CHF 921 million ($954.8 million) compared with loss of CHF 476 million ($526.8 million) in the year-ago quarter.
Higher net revenues aided by elevated net interest income were a positive for the quarter. Moreover, effective cost control measures helped lower operating expenses. Yet, higher provision for credit losses was on the downside.
For full-year 2014, net income attributable to shareholders came in at CHF 2.1 billion ($2.3 billion), down 10% year over year.
Performance in Detail
Net revenues came in at CHF 6.4 billion ($6.6 billion), up 8% from the prior-year quarter. The rise was primarily due to a 59% increase in other revenues. Â
Net interest income was CHF 2.1 billion ($2.2 billion), up 22% from the prior-year quarter. Commissions and fees came in at CHF 3.2 billion ($3.3 billion), down 6.0% year over year.
Total operating expenses were down 20% year over year to CHF 5.1 billion ($5.3 billion), primarily due to lower general and administrative expenses.
Provision for credit losses came in at CHF 75 million ($77.8 million), up 42% from the prior-year quarter.
Core Segment Performances
The Private Banking & Wealth Management segment reported net revenue of CHF 3.2 billion ($3.3 billion), down 6% from the prior-year period. The decline was primarily due to lower net interest income as well as recurring commissions and fees in the segment.
