Credit Suisse income increase
Credit Suisse delivered a strong and consistent performance in the first quarter, despite adapting to market changes as a result of the Swiss National Bank’s decision in January to discontinue the minimum exchange rate of the Swiss franc against the euro and introduce negative short-term interest rates.
The bank reported net income of CHF 1.1 billion (€1.05 billion), reflecting an increase of 23% compared to the first quarter of 2014.
Credit Suisse reported strong client momentum in Private Banking & Wealth Management with strategic net new assets of CHF 18.4 billion (€17.5 billion) in the quarter. Wealth Management Clients contributed CHF 7 billion (€6.7 billion), driven by strong inflows from Asia Pacific, the Americas and Switzerland. The bank reported total net new assets of CHF 17 billion (€16.2 billion), including CHF 1.4 billion (€1.3 billion) of outflows due to the ongoing regularisation of its asset base.
The first quarter also saw Credit Suisse launch its new advisory offering Credit Suisse Invest, focusing on improving flexibility and transparency for clients.
The second quarter will see the succession of Tidjane Thiam as the new CEO of Credit Suisse. He takes over from Brady Dougan, who steps down at the end of June, after a 25-year career at the bank, including eight years as CEO.