Credit Suisse Q1 Profit Up 16%

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Swiss banking giant Credit Suisse Group AG (CS) reported that its net income attributable to shareholders for the first-quarter of 2018 was 694 million Swiss francs, up 16% from last year's 596 million francs, while earnings per share were flat with last year at 0.26 francs.

Tidjane Thiam, Chief Executive Officer of Credit Suisse, said, "With our strong capital base, market-leading franchises and a business model intended to generate capital organically over time and at lower risk, we see significant opportunity to drive further profitable, quality growth. We believe Credit Suisse remains well positioned to deliver improved profitability and deliver growing shareholder value over time."

Quarterly net revenues increased 2% to 5.6 billion francs, from the prior year's 5.5 billion francs, primarily reflecting increased net revenues in International Wealth Management, Asia Pacific and Swiss Universal Bank, partially offset by lower net revenues in Corporate Center, Investment Banking & Capital Markets and Global Markets. Adjusted net revenues were 5.6 billion francs, up 1% or up 4% excluding FX impact.

The company said it remains confident in the growth potential of Wealth Management and IBCM businesses, which generated approximately 80% of Core profits in the first-quarter of 2018 and stand to benefit from the growth of the global economy both in mature and developing markets across geographies.