Swiss Banking News: April 2009

23.04.2009 Credit Suisse Group reported net income of CHF 2 billion in the first quarter of 2009, compared with a net loss of CHF 2,148 million in the same quarter of the prior year. Core net revenues were CHF 9,557 million, compared with CHF 2,926 million in the first quarter of 2008. The banking Group reported return on equity attributable to shareholders in the amount of 22.6%, and diluted earnings per share were CHF 1.60.
Credit Suisse Group reported the strengthened capital position – tier 1 ratio of 14.1% as of quarter-end. Private Banking pre-tax income in the first quarter of 2009 made CHF 1.0 billion – down 25% from the prior-year period; net new assets were CHF 11.4 billion with strong inflows from both the international and Swiss businesses.
Investment Banking returned to significant profitability with pre-tax income of CHF 2.4 billion.
Asset Management pre-tax loss of CHF 0.5 billion primarily reflected unrealized private equity losses along with the decline in public markets.
The Wealth Management business reported income before taxes in the amount of CHF 646 million in the first quarter of 2009, down 25% from the prior-year period.