Credit Suisse has reported an attributable net loss of CHF302m for the first quarter of 2016, compared to a profit of CHF1.05bn in the year-ago quarter.
The bank’s pre-tax loss for the first quarter was CHF484m, compared to a pre-tax profit of CHF1.51bn a year ago.
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The group’s core pre-tax income was CHF240m, compared to CHF1.89bn a year earlier. On an adjusted basis, core pre-tax income was CHF470m compared to CHF1.74bn in the prior year.
The Swiss group said its total operating expenses during the quarter dipped 3% to CHF4.97bn.
Commenting on the results, Credit Suisse CEO Tidjane Thiam said: "In the first three months of the year, we have remained focused on executing our strategy with three clear priorities: accelerating our cost and headcount reduction efforts, delivering profitable growth in wealth management focused divisions and maintaining our strong capital position. We have been able to make good progress in all of these areas against an extremely challenging market backdrop."
Credit Suisse’s International Wealth Management (IWM) arm posted a pre-tax income of CHF270m, a rise of 3% from CHF263m in the corresponding quarter of 2015.
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By GlobalDataThe division’s net revenues were CHF1.11bn, a rise of 4% from CHF1.07bn a year ago. Operating expenses increased 4% to CHF840m from CHF805m in the first quarter of 2015.
"We remain convinced that we face attractive long-term opportunities in our wealth management focused divisions, supported by distinct investment banking capabilities, and that our strategy will, over time, create value for our clients and shareholders. We remain focused on executing our plan – cutting costs, investing selectively in profitable growth and managing capital – with discipline," Thiam added.
