For the first quarter of 2011, net revenue was CHF7.9bn, compared to CHF9.0bn for the corresponding quarter of 2010.
The Swiss bank said that the weakening of the average rate of the US dollar and euro against the Swiss franc adversely affected results in the first quarter of 2011 compared to the previous year period.
The private banking segment reported a income before taxes of CHF 855m in the first quarter of 2011, down 4% compared to the first quarter of 2010.
In the first quarter of 2011, investment banking reported pre-tax income of CHF 1.34bn, down 25% compared to same period last year. Asset management reported pre-tax income of CHF 172m, up 4% compared to first quarter of 2010.
Credit Sussie CEO Brady Dougan said that with an underlying return on equity of 18.8% the bank has provided further evidence that its business model generates stable, high-quality earnings.
"In a quarter marked by significant market uncertainty, we have maintained our strong momentum with clients, gaining market share and generating CHF19.1bn net new assets.
"At the same time, 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," Dougan said.
