ZURICH (Reuters) – Credit Suisse Group AG posted a 75% rise in first-quarter net profit on Thursday, even as it cautioned the global coronavirus pandemic could impact performance in coming quarters.
“The scale of the adverse economic impact of the COVID-19 crisis is still difficult to assess and we would caution that we may also see further reserve build and impairments in the coming quarters,” the Swiss bank said in a statement. “We are well prepared to continue to serve our clients and we believe we can maintain a resilient financial performance through this crisis.”
Credit Suisse saw profit rise to 1.314 billion Swiss francs ($1.35 billion). Fourteen analysts polled by the bank had on average expected to see net profit of 997 million francs for the quarter.
($1 = 0.9715 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; Editing by Riham Alkousaa)