Swiss bank Credit Suisse on Wednesday reported a 45 percent drop in first quarter net profit as it sustained 617 million Swiss francs ($700 million) in valuation losses on debt and derivative liabilities. Net profit attributable to shareholders reached 1.1 billion in the first quarter, the banking group said in a statement, largely in line with an average forecast by analysts polled by Swiss business news agency AWP. Credit Suisse experienced a decline in the growth of net new money flows, which reached 19.1 billion Swiss francs, a 26.5 percent decline over a year earlier when it was partly profiting from the weakness of Swiss rival UBS. However, overall assets under management were up 1.3 percent compared to a year ago, the bank said. First quarter net revenues grew by 13 percent year-on-year to 7.8 billion Swiss francs, while the bank said its results were weakened by the strength of the Swiss franc against the euro and the dollar. \"We have continued to work with regulators to help build a more robust financial system, spearheading the creation of a market for contingent convertible capital,\" said chief executive Brady Dougan. \"I am convinced that clients and investors will recognize that, by being an early adopter of new regulatory requirements, Credit Suisse is extremely well positioned and will be better placed to create significant value for them.\" Contingent convertible capital is a new form of bond accounting that the financial community believes will reinforce banks during crises. Credit Suisse said it had brought its Tier One capital ratio, a measure of its capital foundations, to 18.2 percent, by the end of the first quarter.
GMT 05:55 2018 Tuesday ,23 January
US tax reforms send UBS profits plungingGMT 13:12 2018 Sunday ,21 January
CBB signs memorandum of understanding with DFSAGMT 04:49 2018 Saturday ,20 January
HSBC in $100 million forex fraud settlementGMT 14:14 2018 Wednesday ,17 January
Strong euro 'source of uncertainty' for ECBGMT 17:00 2018 Tuesday ,16 January
IMF 'concerned' by Kiev's plan for anti-corruption courtGMT 19:29 2018 Monday ,15 January
Central Bank issues commemorative coin for Dh189GMT 06:05 2018 Sunday ,14 January
Bitcoin shouldn't become the new Swiss bank accountGMT 21:23 2018 Wednesday ,10 January
BCCI elections committee holds second meetingMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor