Private Banking, which comprises the global Wealth Management Clients business and the Swiss Corporate & Institutional Clients business, has reported net revenues of CHF2.65 billion, a decline of 8% compared to CHF2.89 billion in the year ago quarter.
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Swiss banking major’s Wealth Management Clients business reported net revenues of CHF 2.18 billion, which 10% less compared to first quarter of 2011. The business’ income before taxes was CHF406 million in the first quarter of 2012 compared to CHF624 million in the year ago quarter.
The Corporate & Institutional Clients business, which provides coverage for all the financial service needs of corporate and institutional clients in Switzerland and for banks worldwide, reported net revenues of CHF 466 million, stable compared to first quarter of 2011. Income before taxes of CHF 219 million in the first quarter of 2012 as down 6% compared to corresponding quarter of 2011.
Over all, Credit Suisse Group posted a net profit of CHF44 million for the first quarter of 2012, compared to CHF1.13 billion net profit last year.
Credit Suisse chief executive Brady Dougan said that the bank’s reported results were adversely impacted by accounting driven fair value losses due to tightening of its own credit spreads.
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By GlobalData"We had a good start to 2012. We began to see the effects from the measures we announced in mid-2011 to evolve our business model and cost structure and we benefited from an improved market environment," Dougan added.
