Credit Suisse reports Q1 net revenue CHF 2.73B vs. CHF 4.58B last year

Reports Q1 pre-tax income CHF 12.8B, CET1 ratio 20.3%. "Credit Suisse’s (CS) performance in 1Q23 was mainly impacted by actions leading up to and stemming from the planned merger between Credit Suisse Group AG and UBS Group AG (UBS), which was announced on March 19, 2023, and by significant deposit and net asset outflows. Credit Suisse will work closely with UBS to ensure that the transaction is completed in a timely manner. The consummation of the merger remains subject to customary closing conditions." The 1Q23 result primarily reflected the write-down to zero of CHF 15 bn of Additional Tier 1 capital notes as ordered by the Swiss Financial Market Supervisory Authority FINMA in light of the aforementioned planned merger. Credit Suisse experienced significant net asset outflows, in particular in the second half of March 2023. These outflows have moderated but have not yet reversed as of April 24, 2023, Credit Suisse said. For 1Q23, Credit Suisse reported net asset outflows of CHF 61.2 bn.