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Credit Suisse Q1 Net Income Marginally Up

Credit Suisse Group has reported net income attributable to shareholders of CHF2.05bn, or CHF1.63 per diluted share, for the first quarter of 2010, compared to CHF2.01bn, or CHF1.59 per diluted share, for the first quarter of 2009.

Net revenues for the first quarter of 2010 declined to CHF8.96bn from CHF9.56bn in the parallel quarter of 2009.

Net interest income for the first quarter of 2010 was CHF1.89bn compared to CHF1.99bn in the corresponding quarter of 2009.

Brady Dougan, CEO of Credit Suisse, said: “In the first quarter of 2010 we provided further evidence that our client-focused, capital-efficient strategy and reduced-risk business model can generate stable, high-quality earnings. We are pleased that we were able to improve our operating performance compared to the strong first quarter of 2009 and achieve an industry-leading return on equity and capital position.

“We also generated strong client flows and maintained our track record of attracting strong net new assets. Market conditions in the second quarter to date 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.”