Credit Suisse's revenue drops 18% to 5.1B Swiss francs

Thursday, 29. July 2021 06:59

Credit Suisse said on Thursday that its revenue in the second quarter of 2021 amounted to 5.1 billion Swiss francs, marking an 18% drop from the same period in 2020.

Net income missed estimates as it plunged 78% year on year to land at 253 million Swiss francs. The Swiss lender's CET1 ratio stood at 13.7%, while pretax income was 813 million Swiss francs.

"Credit Suisse delivered resilient underlying second quarter results and strong capital ratios as we are benefitting from having taken decisive actions to address the challenges raised by the Archegos and Supply Chain Finance Funds matters. We take these two events very seriously and we are determined to learn all the right lessons," CEO Thomas Gottstein stated. "We have significantly reduced our RWA and leverage exposure and improved the risk profile of our Prime Services business in the Investment Bank, as well as strengthened the overall risk capabilities across the bank," he added.

Related Links: Credit Suisse Group
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Breaking the News / NP