Credit Suisse recorded CHF1.2bn ($1.23bn) of pre-tax income in Q1 2020, a 13% rise year-on-year, despite the challenge of Covid-19.

However, this was aided by the gain from the second and final closing of the InvestLab funds platform transfer to Allfunds Group. Without this deal, pre-tax income would have totalled CHF951m, an 11% decrease from the same point in 2019.

In addition, net income hit CHF1.3bn for Credit Suisse in Q1 2020, up 75% year-on-year. Net revenues also increased, by 7%, to reach CHF5.8bn in the same time span.

Despite decent results, the Credit Suisse board of directors decided to revise its dividend proposal for its AGM on April 30 2020.

The board has proposed to distribute half of the originally proposed dividend. An EGM later in the year will hand out the second half of the dividend, subject to market and economic conditions.