Credit Suisse earns profit in Q1

23rd April 2009, Comments 0 comments

Swiss bank giant earns a profit in the first quarter of 2009, after two quarters of losses.

ZURICH - Swiss banking giant Credit Suisse on Thursday said it earned profit after two quarters of losses, with net profit of CHF 2.0 billion (EUR 1.32 billion, USD 1.71 billion) for the first quarter.

The profit marked a sharp turnaround from the bank's biggest ever full-year loss of CHF 8.2 billion in 2008, most of which was made in the last three months of the year.

Credit Suisse chief executive Brady Dougan said the results reflected the impact of measures taken by the group to deal with the crisis, including cutting costs and raising capital.

"While we may still be affected by continued volatility and market disruptions if difficult conditions persist, we believe that we are in a position to weather the storms and perform well when market opportunities arise," he added.

The group also posted an inflow of assets, with net new money at CHF 8.0 billion for the first three months of 2009, reversing an outflow of CHF 12.6 billion in the last quarter of 2008.

Credit Suisse was hurt by the global financial crisis, but so far managed better than its local rival UBS, which earlier in April warned of further billion-dollar losses for the first quarter.

UBS in 2008 also posted its second consecutive annual loss and the biggest in Swiss corporate history.

UBS requested government aid, while Credit Suisse turned instead to a Qatari investor for CHF 10 billion in new capital in October 2008.

AFP / Expatica

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