Credit Suisse Group has posted a net income attributable to shareholders of CHF694m for the first quarter of 2018, an increase of 16% compared to CHF596m in the previous year.
Net revenues were CHF5.63bn for the quarter ended 31 March 2018, up 2% from CHF5.53bn in the corresponding quarter of 2017.
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Total operating expenses were CHF4.53bn, a fall of 6% from CHF4.81bn last year.
The group’s Swiss Universal Bank (SUB) division posted income before taxes of CHF563m for the first quarter of 2018, an increase of 39% from CHF404m in the same period last year. The unit’s net revenues rose 6% to CHF1.43bn from CHF1.35bn last year.
The International Wealth Management (IWM) unit posted a pre-tax income of CHF484m for the first quarter of 2018, a surge of 66% from CHF291m a year ago. Net revenues at the unit increased 15% year-on-year to CHF1.4bn.
The Asia Pacific business reported a 12% rise in net revenues to CHF991m and 59% jump in pre-tax income to CHF234m year-on-year for the first quarter of 2018.
Credit Suisse CEO Tidjane Thiam said: “With these first quarter results, we got off to a good start in our third and final year of restructuring, and we are looking ahead to the future with confidence in our new business model and in our execution capabilities.
“Thanks to the progress made in 2016 and 2017, we are nearing pre-restructuring levels of absolute profit, with a higher-quality, more capital-efficient business mix that can generate growing amounts of capital organically with higher capital velocity and a higher return on capital through the cycle, while consuming less risk capital per unit of income. Our focus on increasing our return on capital, reducing capital consumption and controlling risk should allow us over time to increase the return of capital to shareholders.”
