Credit Suisse claims good start to 2009
After record losses in 2008, Credit Suisse group says they have a strong capital ratio.ZURICH - Credit Suisse Group said Tuesday it made a "strong start to 2009" after falling in 2008 to the biggest loss in its history.
The bank gave no figures for its first quarter performance, but said it entered 2009 with one of the strongest capital ratios in the industry, 13.3 percent at the end of 2008. The capital ratio is the percentage of a firm's capital compared to the risk of its assets.
"While the uncertainty of the current environment makes it difficult to predict the development of our business for the full year, Credit Suisse has had a strong start to 2009," said a letter to shareholders from Chief Executive Brady W Dougan and Board Chairman Walter B Kielholz.
The bank positioned its businesses to be less susceptible to negative market trends and benefit from recovering markets, they said.
However, the annual report also noted that the situation in financial markets and the economy remained difficult and could potentially hurt business.
The company said previously that its full-year net loss for 2008 was CHF 8.2 billion, the worst in the bank's 153-year history.
AP / Expatica