Credit Suisse announces strong Q1 figures

The Credit Suisse Group has reported first-quarter net income of SFr2.1 billion ($1.96 billion), slightly higher than it made for the first three months of 2009.

The Zurich-based bank said it had net new assets of SFr26 billion, which is double the amount compared with the previous three months.

Its net profit represents a major increase on the SFr793 million made in the previous quarter.

However, CS said in a statement that its Private Banking unit, which includes wealth management clients and the Swiss business, saw a pre-tax profit decline of almost ten per cent to SFr892 million.

“We generated strong client flows and maintained our track record of attracting strong net new assets,” commented the group’s chief executive, Brady Dougan.

“Market conditions in the second quarter to date have remained similar to those in the first quarter and we are confident that our business model will enable us to continue to generate high-quality results in good as well as in more challenging market conditions.”

Credit Suisse, which employs 48,300 people, made a net profit of SFr6.72 billion in 2009.

Cross-town rival UBS said earlier this month its first-quarter pre-tax profit would be at least SFr2.5 billion ($2.36 billion).

swissinfo.ch and agencies