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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Credit Suisse ends losing streak in first quarter AFP - Friday, April 24 ZURICH (AFP) - - Swiss banking giant Credit Suisse ended a losing streak with a net profit of 2.0 billion francs for the first quarter, it said Thursday, saying cost cutting and capital raising measures have worked. ADVERTISEMENT The profit, equivalent to 1.32 billion euros or 1.71 billion dollars, marked a sharp turnaround from the bank's record full-year loss of 8.2 billion francs in 2008, the bulk of which was made in the last three months of the year. Chief executive Brady Dougan said the results reflected the impact of measures taken by the group to deal with the crisis, including cutting costs and raising capital. "While we may still be affected by continued volatility and market disruptions if difficult conditions persist, we believe that we are in a position to weather the storms and perform well when market opportunities arise," he added. Credit Suisse, Switzerland's second biggest bank, has been hurt by the financial crisis. In December, it said it would slash 5,300 jobs in a bid to cut costs. On Thursday, the group said its investment bank unit, which was blamed for incurring massive losses during the financial crisis, also turned profitable, with profit before taxes of 2.4 billion francs. Funds were flowing back into the group, with net new money reaching 8.0 billion francs for the first three months of the year, reversing an outflow of 12.6 billion in the last quarter of 2008. However, the group's executives were hesitant about giving a full-year outlook. When asked for his assessment on the ongoing second quarter, the group's chief financial officer Renato Fassbind would only say that "market conditions have not changed materially from the first quarter." "It's very difficult to predict markets right now, markets are still very volatile. We can say that there was no major change for us so far in the quarter," he said. He stressed, however, that the bank was "extremely well-funded and our liquidity very high." The bank's Tier 1 capital ratio -- an international measure of capital adequacy -- was at 14.1 percent at the end of the first quarter, up from 13.3 percent at the end of 2008. Major Swiss banks are required to fulfil a higher ratio than the international "Basel II" minimum requirement of 8.0 percent. Bank Wegelin described the results as "impressive," noting that the money inflow and "very comfortable" Tier 1 ratio would convince investors. It expressed doubts that the investment bank unit could keep churning out profits during the year, but added that the overall Credit Suisse group "appears well positioned to benefit from an improved market situation." "With its comfortable capitalisation, it should be equipped to weather a possible deepening of the economic crisis. Recent gains in stock price are therefore justified," said Bank Wegelin. Bank Vontobel said the "better-than-expected" results showed that Credit Suisse is "gaining market share in some of its investment banking businesses." Investors appeared to agree, as the stock closed up 8.82 percent at 43.2 francs, while the Swiss Market Index ended the day down 0.79 percent. Credit Suisse has so far fared better in the crisis than its local rival UBS, which earlier this month estimated further billion-dollar losses for the first quarter after posting its second consecutive annual loss for 2008, the biggest in Swiss corporate history. UBS also had to seek government aid, while Credit Suisse turned to a group of investors including a Qatari investor for 10 billion francs in new capital last October. Email Story IM Story Printable View Blog This Recommend this article 2 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Credit Suisse chief executive Brady Dougan. Swiss banking giant Credit Suisse ended a losing streak with a net profit of 2.0 billion francs for the first quarter, it said Thursday, saying cost cutting and capital raising measures have worked. Most Popular – Top Stories Viewed IMF sees deeper 2009 decline, weak 2010 IMF says world in recession, auto giants flop Fertility doctor on brink of cloning human: report Credit Suisse ends losing streak in first quarter Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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