Swiss financial services firm Credit Suisse has reported a net income attributable to shareholders of CHF2.01 billion, or diluted earnings per share of CHF1.60, in the first quarter of 2009, compared with a net loss of CHF2.15 billion, or diluted loss per share of CHF1.97, in the same quarter of 2008.
Core net revenues were CHF9.56 billion in the first quarter of 2009, compared with CHF2.93 billion in the corresponding quarter of 2008. The return on equity attributable to shareholders was 22.6% for the first quarter of 2009.
Net interest income for the first quarter of 2009 was CHF2.04 billion, compared to CHF2.1 billion in the same quarter of 2008.
Private banking business, which comprises the wealth management and corporate and retail banking businesses, has reported an income before taxes of CHF992m in the first quarter of 2009, a decrease of 25% compared to CHF1.32 billion in the same quarter of 2008.
Investment banking business has reported an income before taxes of CHF2.41 billion in the first quarter of 2009, compared with a loss before taxes of CHF3.42 billion in the same quarter of 2008.
Asset management segment has reported a loss before taxes of CHF490m in the first quarter of 2009, a decrease of 10% compared with a loss of CHF544m in the same period of 2008.
Brady Dougan, CEO of Credit Suisse, said: We are pleased with Credit Suisse’s performance in the first quarter of 2009. The results also show the benefit of the measures we took last year across the bank, including cost reductions and the further strengthening of our capital position.
Wealth management and our Swiss corporate and retail banking businesses proved their resilience, with strong profitability and total net new assets of CHF11.4 billion. We are reaping the rewards from the steps we have taken over recent years to expand our international footprint and build a more efficient platform.
