Arab Today, arab today credit suisse reports plunging q1 profits
Last Updated : GMT 03:08:51
Arab Today, arab today
Arab Today, arab today

Credit Suisse reports plunging Q1 profits

Arab Today, arab today

Arab Today, arab today Credit Suisse reports plunging Q1 profits

Zurich - AFP

Swiss banking giant Credit Suisse said Wednesday that its 2012 first-quarter profit plunged to just 44 million Swiss francs ($48.3 million, 36.6 million euros) from 1.1 billion francs a year ago. The bank said the poor result was largely the result of an accounting loss on its own debt, and weaker earnings from its investment bank activities. \"Our reported results were adversely impacted by accounting driven fair value losses due to tightening of our own credit spreads,\" chief executive Brady Dougan said. He noted that the impact of those losses reached 1.6 billion francs. Credit Suisse said it had reduced risky assets by 33 percent over the past year to bring its books in line with new international regulations under the Basel III rules which were drawn up in the wake of the financial crisis to make banks reinforce their capital reserves. Basel III risk-weighted assets now stand at $210 billion, the bank said. While the net result represented an annualised 96-percent drop in profit, it nonetheless came in above analysts\' expectations. Analysts interviewed by the financial firm AWP had on average forecast net losses of 337 million francs. \"We had a good start to 2012,\" Dougan concluded. \"We began to see the effects from the measures we announced in mid-2011 to evolve our business model and cost structure and we benefited from an improved market environment.\" The investment banking division\'s pre-tax earnings fell by a third from the same period last year however, while those at Credit Suisse\'s private banking unit were down by 27 percent. The asset management division was the only unit to report improved results, reporting income before tax of 250 million francs, an increase of 43 percent. The results caused little concern among investors. Credit Suisse shares were up 0.25 percent to 23.61 francs in morning trading on the Swiss stock exchange, which was 0.17 percent higher overall. The bank has not issued a growth forecast for the current year but analysts at Zurich state-owned bank ZKB have predicted that the start of the second quarter will be weaker than the first. Analysts at the investment group Vontobel warned that Credit Suisse faces a tough climate for rest of the year. \"The investment banking results were clearly stronger than we had expected,\" Vontobel said in a statement. \"However, we expect the following quarters to be impacted by slowing financial markets and profit before tax to come down in the next three quarters.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today credit suisse reports plunging q1 profits Arab Today, arab today credit suisse reports plunging q1 profits

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday