Credit Suisse has registered higher net profit for the first quarter, giving a possibility to its current CEO to leave with a positive result to his credit. The lender managed to restrain the negative effects of the strong local currency.
On Tuesday Zurich-based institution reported that its bottom-line earnings rose by 23 percent, riding on boosted securities trading and on considerable gains at its private banking operations for wealthy clients.
The lender said first-quarter net profit stood at 1.054 billion francs ($1.10 billion, 1.02 billion euros), up from 859 million francs in the same period a year earlier and beating analysts' expectations.
"Wealth management clients generated a particularly strong result, with improved margins, increased profitability and good net asset inflows from key growth regions," outgoing CEO Brady W. Dougan said in a statement.
Dougan had been under pressure for some time for making little progress in stabilizing the lender and for the heavy fines the bank had to pay, as the institution had pleaded guilty to helping Americans avoid paying taxes and agreed to pay more than $2.5 billion in penalties.
Now Dougan is being credited with properly managing the effects of a strong franc after the currency's cap against the euro was removed.
In June, Brady Dougan will be replaced with Tidjane Thiam, currently head of British insurer Prudential.
