Credit Suisse’s new strategy bears fruit

Suzie Neuwirth

CREDIT Suisse today announced solid results for the first quarter, which it attributed to its “transformed business model” to reduce risky assets and cut costs.

The Swiss bank reported pre-tax income of CHF 1,822m with a return on equity of 14 per cent, beating analysts’ forecasts.

Credit Suisse also said that its investment banking revenues were more stable and balanced than in previous years.

“With an underlying return on equity of 16% for the first quarter of 2013, we continue to show strong client franchise momentum and generate high returns on a substantially lower risk and cost base,” said chief executive Brady W. Dougan.

“The first quarter of 2013 shows that the strategic measures we have successfully implemented since mid-2011 are effective in bringing results to the bottom line on a consistent basis.”