Credit Suisse reports Q1 net loss at $275 million

Thursday, 22. April 2021 06:53

Credit Suisse Group AG announced on Thursday its revenue in the first quarter jumped 31% per annum to 7.57 billion Swiss francs (approximately $8.26 billion). The investment giant posted a net loss of ~$275 million, or ~$0.11 per share. Operating expenses were 2% lower at $4.30 billion.

Return on tangible equity dropped from 13.1% to a minus 2.6%. The bank's Common Equity Tier 1 ratio was 12.1%, up 0.1 percentage point, while tier 1 leverage ratio grew 0.2 pps to 5.5%. The Wealth Management segment's revenues were up 3% year-on-year at ~$4.3 billion, while Investment Bank's surged 80% to $3.9 billion.

"Our results for the first quarter of 2021 have been significantly impacted by a CHF 4.4 bn charge related to a US-based hedge fund," CEO Thomas Gottstein said, adding that the firm's management "will work to ensure Credit Suisse emerges stronger."

Related Links: Credit Suisse Group
Breaking the News / MD