Business

Credit Suisse profit lifted by trading turnaround

Credit Suisse CEO Brady W. Dougan (R) and Credit Suisse designated CEO Tidjane Thiam shake hands at the end of a press conference on March 10, 2015 in Zurich Image copyright AFP
Image caption Tidjane Thiam (left) will take over from Credit Suisse's current chief Brady Dougan later this year

Credit Suisse has reported a 23% rise in first quarter profits, helped by gains in its securities trading and wealth management divisions.

Switzerland's second-largest bank said net profit rose to 1.054bn Swiss francs ($1.1bn; £739m) from 859m francs, beating market estimates.

The results are the last under long-serving chief executive Brady Dougan.

He will be stepping aside for current Prudential boss Tidjane Thiam at the end of June.

"Wealth management clients generated a particularly strong result, with improved margins, increased profitability and good net asset inflows from key growth regions," Mr Dougan said.

"Our swift and proactive response to the changed currency and interest rate environment post the Swiss National Bank's announcement, combined with an improvement in market activity, mitigated the impact on our results".

Switzerland's central bank unexpectedly scrapped a three-year-old currency cap earlier this year, causing concerns that the country's lenders would suffer foreign exchange losses.

Mr Dougan added that the investment banking division continued to face "further significant deleveraging".

Credit Suisse has been reducing the size of the unit after tighter regulations and increased market volatility caused a drop in revenues.

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