Credit Suisse Q1 profit at 2 bn Swiss francs
Swiss banking major Credit Suisse moved into black, posting a first quarter profit of 2 bn Swiss francs (about $1.73 bn). Factors that make results season special
By PTI |
ZURICH/NEW DELHI: Swiss banking major Credit Suisse on Thursday moved into black, posting a first quarter profit of 2 billion Swiss francs (about USD 1.73 billion), boosted by a strong performance in the Investment Banking segment.
Credit Suisse has reported a profit of 2 billion Swiss francs for the three months ended March 2009. In the year-ago period, the entity had a net loss of 2.14 billion Swiss francs, it said in a statement.
The results was primarily on the back of a profit of 6.44 billion Swiss francs from the Investment Banking business. The unit had recorded a loss of 503 million Swiss francs in the corresponding period a year ago.
In the first quarter, Credit Suisse raked in revenues to the tune of 9.55 billion Swiss francs against 2.92 billion Swiss francs in the year-ago period.
"We are pleased with Credit Suisse's performance in the first quarter of 2009," Credit Suisse Chairman Walter B Kielholz, and Chief Executive Officer Brady W Dougan said.
ADVERTISEMENT
"Investment Banking made significant progress in executing its client-focused, capital-efficient strategy and achieved strong results in the first quarter," they added.Credit Suisse said that Wealth Management division reported net revenues worth 1.92 billion Swiss francs whereas its recurring revenues declined 15 per cent, reflecting decreased commissions and fees due to lower average assets under management.
In asset management business, the banking major had net revenues to the tune of six million Swiss francs, an increase of 52 million Swiss francs as compared to the same period a year ago.
ADVERTISEMENT
Meanwhile, Credit Suisse saw an investment-related losses of 387 million Swiss francs in revenues from Investment Banking. "We had negative revenues of 1.7 billion Swiss francs in businesses we are exiting, primarily driven by valuation reductions in Commercial mortgage-backed securities (CMBS) of 1.4 billion Swiss francs," the statement said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
