Credit Suisse lost 61 billion in the first quarter

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Credit Suisse announced its first quarterly results since ending March 19: CHF 61.2 billion flowed from CS in the first quarter alone. In a statement regarding its quarterly results, the bank writes, “While these outflows have now decreased, a trend reversal was not observed until April 24, 2023.” CS writes that cash outflows were particularly high in the days before and after the merger.

At the end of March 2023, Credit Suisse still had assets under management of CHF 1.25 trillion, after CHF 1.29 trillion at the end of 2022.

Overall, the bank posted a net profit of CHF 12.4 billion in the first quarter. No loss but profit is solely due to AT1 loss of CHF 15 billion ordered by the Financial Markets Authority (Finma) under the merger.

CS reported profit before tax of CHF 12.8 billion. However, adjusted for the first three months, the sick big bank reported a pre-tax loss of CHF 1.3 billion. Observers had previously expected a loss of between 700 million and 1 billion.

Other than the quarterly results announcement, CS did not provide further information on Monday. Neither investors nor the media can question top bankers about results. Observers should now hope for more responses from UBS, which will present its quarterly report on Tuesday.

This may be the last time UBS and CS will submit separate quarterly reports. The merger of the two major banks could be completed as early as the second quarter. The statement stated that Credit Suisse will work closely with UBS to ensure the timely completion of the transaction.

Source :Blick