Credit Suisse Posts Jump in Profit

Credit Suisse Group ( CSR) reported a 77% jump in first-quarter profit, helped by results at its Credit Suisse First Boston unit.

The Zurich, Switzerland-based company earned 652 million Swiss francs during the quarter, compared with 368 million francs in the prior-year period. The company's Credit Suisse First Boston unit swung to a profit of $161 million, from a loss of $19 million in the first quarter of 2002.

"Credit Suisse Group's first-quarter results demonstrate real progress on our goal to return the group to profitability in 2003," said Oswald J. Grubel, co-chief executive of Credit Suisse Group and chief executive of Credit Suisse Financial Services.

"In addition, we are pleased that all of Credit Suisse Financial Services' segments improved their results in the first quarter, reflecting our targeted measures to reduce costs and adapt the business to prevailing market conditions," he added.

Shares of the company were up 1.3% at $24.21 in early trading Tuesday.

Looking ahead, Credit Suisse Group said it remains cautious about its outlook for 2003, given the challenging market environment and global uncertainty. The company said it remains exposed to volatility in the financial markets. Analysts expect the company to earn $1.29 a share, on average. The company lost 45 cents a share in 2002.

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