Credit Suisse had a sluggish start to the year, in line with the recent earnings warning. The number two Swiss bank suffered a loss of 273 million francs, higher than that of 231 million recorded in the first quarter of 2021.
Pre-tax profit was 428 million, against 757 million previously, said Wednesday the bank with two sails. Revenues plunged 42% to 4.41 billion and operating expenses took 26% to 4.95 billion, weighed down by litigation costs.
A week ago, Credit Suisse issued a profit warning, announcing a quarterly loss for the first partial. The result was burdened with 600 million francs due to the increase in legal provisions, which are now around 700 million. The impact of the war in Ukraine is estimated at around 200 million and that of the participation in Allfunds at 350 million.
These losses are offset by the dissolution of provisions in connection with the Archegos case (170 million francs) and real estate gains (160 million).
The figures released by Credit Suisse are lower than the forecasts of the AWP consensus.
/ATS