Credit Suisse swings back to profit for the first time since 2014

Credit Suisse swung back to profit for the first time since 2014 after it reported a full-year net profit of 2.1 billion swiss francs for 2018.

The Swiss lender reported a net loss of CHF 983 million in 2017.

For it's fourth-quarter, the company reported a net income of CHF 292 million.

Analysts were expecting a net income of 224.63 million francs compared to a loss of 2 billion francs at the end of 2017, according to Reuters.

Media reports on Thursday suggested that the Swiss bank could scrap bonuses this year, after losing money in a commodity financing deal in the last quarter of 2018.

At the end of the third quarter of 2018, Credit Suisse had reported lower-than-expected net income due to higher market volatility.

At the time, Tidjane Thiam, chief executive officer of Credit Suisse, told CNBC "in a quarter like this, the old Credit Suisse would have lost hundreds of millions…Today we are making a profit."

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