Credit Suisse triples first quarter net profit

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Credit Suisse Group on Thursday reported a near tripling of first quarter net profit to 2.1 billion Swiss francs (2.0 billion dollars, 1.5 billion euros) as the Swiss bank strengthened its recovery.

Chief executive Brady Dougan said the bank was maintaining "stable, high-quality earnings" following its turnaround last year in the wake of the financial crisis.

"Market conditions in the second quarter to date have remained similar to those in the first quarter and we are confident that our business model will enable us to continue to generate high-quality results in good as well as in more challenging market conditions," he said in a statement.

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.

© 2010 AFP

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