Credit Suisse: first-quarter profit boosted by platform sale
(CercleFinance.com) - Credit Suisse's first-quarter net profit rose by 75% on the back of strong revenues in the Asia Pacific region, in its Swiss universal bank and global markets, even though the Covid-19 outbreak has impacted its results.
Net income attributable to shareholders of rose to 1.3 billion Swiss francs from 749 million Swiss francs a year ago.
Profit also included a gain of 268 million Swiss francs from the completed transfer of its InvestLab fund platform, the group said. Revenue rose by 7% to 5.8 billion Swiss francs.
The Swiss wealth manager said that the coronavirus has impacted its results and that it is closely monitoring the spread of the pandemic and its effects on operations and business.
In the first quarter, provision for credit losses jumped to 568 million Swiss francs, compared to just 81 million francs a year ago, due to "negative" developments in its corporate lending portfolio.
The Zurich-listed shares were down 0.7% after these results.
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