(23 April 2010 – Europe) Credit Suisse yesterday reported a near tripling of its first quarter net profit to 2.1 billion Swiss francs (A$2.11 billion), as the Swiss banking sector makes a remarkable recovery.Chief executive officer, Credit Suisse, Brady Dougan said that in the wake of the global financial crisis Credit Suisse was maintaining stable, high-quality earnings, following its turnaround last year.
Market conditions in the second quarter have remained similar to those in the first quarter and Credit Suisse is confident that the investment bank’s business model will enable it to continue to generate high-quality results in good and also in more challenging market conditions, Mr Dougan said.
Revenues grew to 9.0 billion Swiss francs in the first three months of this year as the bank reported strong inflows of new client assets.
Credit Suisse in February announced a return to annual net profit last year of 6.7 billion Swiss francs, marking a turnaround from a record 8.2 billion franc loss for 2008 recorded at the height of the financial crisis.