Swiss banking giant Credit Suisse Group has posted a net profit attributable to shareholders of CHF596m for the first quarter of 2017, versus a loss of CHF302m in the same period last year.

Net revenues were CHF5.53bn, an increase of 19% from CHF4.64bn in the year-ago period.  The bank attributed the rise mainly to higher net revenues in Global Markets and Investment Banking & Capital Markets and lower negative net revenues in the Strategic Resolution Unit.

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Total operating expenses dropped 3% to CHF4.81bn from CHF4.97bn a year ago, reflecting an 11% decrease in general and administrative expenses and a 46% slump in restructuring expenses.

The bank has three geographic divisions – Asia Pacific (APAC), Swiss Universal Bank (SUB) and International Wealth Management (IWM).

The APAC unit generated a pre-tax income of CHF147m for the first quarter of 2017, a slump of 44% from CHF264m in the corresponding year ago quarter. The unit’s net revenues dipped 3% year-on-year to CHF881m.

The SUB division posted income before taxes of CHF404m for the first quarter of 2017, a fall of 6% from CHF432m a year earlier. The division’s net revenues remained stable at CHF1.35bn.

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The IWM unit posted a pre-tax income of CHF291m for the first quarter of 2017, a 3% fall from CHF300m a year earlier. Net revenues rose 4% year-on-year to CHF1.22bn.

In addition, the Swiss bank also unveiled plans for a share issue instead of a partial IPO of its Swiss operations.

“We expect the capital increase will strengthen our pro forma look-through CET1 ratio to approximately 13.4% and our pro forma look-through tier 1 leverage ratio to approximately 5.1%, based on our end-1Q17 risk-weighted assets and leverage exposures,” the Swiss bank said.