Credit Suisse beats earnings expectations

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Credit Suisse beats earnings expectations

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Credit Suisse has reported better than expected quarterly results of some 1.1billion euros.

The bank’s wealth management performance is seen as the most crucial aspect of its earnings profile. Pre-tax earnings there grew 10 per cent.

However, Switzerland’s second-largest bank suffered a fall in its crucial capital ratio measure and poor performance in key areas of its investment banking division.

Net revenue from underwriting and advisory services in Credit Suisse’s investment bank fell 26 per cent year on year.

Speculation that incoming chief executive Tidjane Thiam could have to raise cash to boost the bank’s balance sheet overshadowed the results.

But the outgoing CEO, Brady Dougan, played down the prospect of a cash call, saying Credit Suisse can stow away capital from its operations.