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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.