Switzerland - Credit Suisse record
April 28, 2013, Sunday
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Print Edition
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SWISS bank Credit Suisse Group said Wednesday that its cost-cutting efforts helped it record a huge jump in first-quarter profits compared with a year earlier.
Switzerland's second-biggest bank posted a profit of 1.3 billion Swiss francs (US$1.37 billion), up sharply from the 44 million francs in the first quarter of 2012, when it booked a loss of 1.6 billion francs on its own outstanding debt and paid out higher bonuses.
Net revenue rose 6 percent to 7.2 billion francs.
The bank said the figures showed "positive momentum" from its attempts to transform its business model, that includes a lot of cost-cutting.
Switzerland's second-biggest bank posted a profit of 1.3 billion Swiss francs (US$1.37 billion), up sharply from the 44 million francs in the first quarter of 2012, when it booked a loss of 1.6 billion francs on its own outstanding debt and paid out higher bonuses.
Net revenue rose 6 percent to 7.2 billion francs.
The bank said the figures showed "positive momentum" from its attempts to transform its business model, that includes a lot of cost-cutting.
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