Credit Suisse: 'navigating' through increased volatility

(CercleFinance.com) - Swiss private bank Credit Suisse said on Thursday that the impact of the pandemic on its financial results going forward remains "difficult to assess".


In a statement issued ahead of a conference in London today, its CEO Thomas Gottstein said that the group continues to monitor its credit exposures in light of these conditions, but is satisfied with "how the teams have so far navigated the increased volatility."

Credit Suisse said that the recent strengthening of its capital base, since its restructuring began in 2015, coupled with the rebalancing of its business towards wealth management, has substantially increased its resilience and readiness for the impact of the outbreak.

Notwithstanding the COVID-19 pandemic and the current volatile market environment, its profitability in the first quarter of 2020 "has so far continued the strong year-on-year improvement trend," it added.

After these comments, the Credit Suisse share was up 6.7% this morning in Zurich.

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