Credit Suisse’s Thiam needs more than self-help CGAThompson
Credit Suisse on April 24 reported an 0.8 percent year-on-year rise in first-quarter pre-tax profit from continuing operations to 1.06 billion Swiss francs . Net revenue was down 4 percent year-on-year at 5.4 billion Swiss francs.
The lender attracted 35.8 billion Swiss francs in net new client assets during the first three months of the year, bringing total assets under management to 1.43 trillion Swiss francs. Credit Suisse’s trading division delivered a 282 million Swiss franc pre-tax profit, down 4 percent from the same quarter a year earlier, on revenue that declined by 5 percent year-on-year to 1.5 billion Swiss francs.
The Zurich-based bank’s common equity Tier 1 capital ratio, assuming full implementation of Basel rules, was 12.6 percent, unchanged from three months earlier. On the same basis, its CET1 leverage ratio was also unchanged at 4.1 percent. The bank made a return on tangible equity of 7.8 percent over the quarter, compared to 7.6 percent during 2017.
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