Credit Suisse Q1 net income up 75% to 1.3B Swiss francs

Thursday, 23. April 2020 07:06

Credit Suisse Group AG said on Thursday its net revenues in the first fiscal quarter of 2020 amounted to 5.8 billion Swiss francs, up 7% compared to the same period last year. Operating expenses fell 6% year-on-year to CHF 4.0 billion in the same period, while net income surged 75% to CHF 1.3 billion.

Return on tangible equity increased to 13.1% from 8.6% in the prior quarter. Common equity tier 1 ratio, used to measure bank solvency, was 12.1%. Tier 1 leverage ratio, a measure of the bank's capital to its total assets, was 5.8%. Average liquidity coverage ratio stood at 182%.

"We delivered a resilient performance, driven by our SUB, IWM, APAC and GM divisions, while absorbing a significant reserve build of over CHF 1 billion," chief executive Thomas Gottstein said. "Thanks to our strong capital and liquidity base, we are well positioned to support our clients, employees and societies in the coming quarters, during which we expect the COVID-19-related uncertainty to persist."

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Breaking the News / MD