Credit Suisse Profit Rises Slightly
NEW YORK (
) --
Credit Suisse
(CS) - Get Credit Suisse Group AG Report
, the Swiss banking giant, reported first-quarter profit of 2.1 billion Swiss francs ($1.97 billion), roughly in line with the estimates of analysts.
Credit Suisse a year earlier had net income of 2.01 billion francs.
Credit Suisse reported 26 billion francs in new deposits from wealthy customers during the quarter, the best quarterly result in five years.
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Credit Suisse said its return on equity was 22.3% in the first quarter while its tier 1 ratio was 16.4%, up from 16.3% at the end of the prior quarter.
Second-quarter market conditions "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," said CEO Brady Dougan, in a statement.
-- Reported by Joseph Woelfel in New York.
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