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14 February 2018 By Christopher Thompson Follow @CGAThompson

A fresh probe into Asian hiring won’t help knocks to the Swiss bank’s reputation from the collapse of one of its exchange-traded notes. But Credit Suisse’s results were strong. The more boss Tidjane Thiam combines revenue growth and slashed costs, the more investors will relax.

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Credit Suisse on Feb. 14 reported a 1.7 billion Swiss franc annual pre-tax profit from continuing operations compared to a 2.2 billion Swiss franc loss in 2016, on revenue which rose by 3 percent year-on-year to 20.9 billion Swiss francs.

Assets under management in the lender’s wealth management businesses grew by 13 percent year-on-year to a record 772 billion Swiss francs.

Credit Suisse’s common equity Tier 1 capital ratio, assuming full implementation of Basel rules, was 12.8 percent at the end of December, down from 13.2 percent at the end of the third quarter. On the same basis its leverage ratio remained unchanged at 5.2 percent.

The bank made an annual return on regulatory capital of 3.9 percent. However, stripping out exceptional charges, the “core” bank made a 9.3 percent return for the year, compared to 8.5 percent in 2016

The bank proposed a 2017 dividend of 0.25 Swiss francs per share.

Credit Suisse shares rose 3.7 percent to 17.1 Swiss francs by 0935 GMT.

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