Credit Suisse Group has reported net income attributable to shareholders of CHF749m for the first quarter of 2019.

This is a rise of 8% from last year’s figure of CHF694m.

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The firm reported its first annual profit since 2014 this February.

The group’s net revenues were CHF5.38bn for the three-month period to 31 March 2019, down 4% from CHF5.63bn in the corresponding quarter of 2018.

Total operating expenses dropped 6% to CHF4.24bn from CHF4.53bn.

Credit Suisse CEO Tidjane Thiam said: “We are now operating with a lower risk profile, a stronger capital base and a structurally lower cost base.

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“Our model is resilient; this allows us to protect our bottom line during periods when markets are challenging and provides upside when conditions improve.

“The first quarter was one of three very distinct months: a challenging January, a limited recovery in February followed by a strong March, which was our second-highest revenue month in the last 39 months.”

International Wealth Management

The International Wealth Management arm reported pre-tax income of CHF523m for the March 2019 quarter.

This marks an increase of 8% from CHF484m last year.

Net revenues at the unit rose 1% year-on-year to CHF1.42bn.

Credit Swiss income at Universal Bank

The group’s Swiss Universal Bank unit registered income before taxes of CHF550m for the first quarter of 2019, down 2% from CHF563m last year.

The division’s net revenues dipped 4% to CHF1.38bn from CHF1.43bn.

Lacklustre performance in Asia Pacific

Pre-tax income at Credit Suisse’s Asia Pacific division slumped 22% to CHF183m from CHF234m.

Net revenues at the unit decreased 14% to CHF854m on a year-on-year basis.