Credit Suisse to raise $4B in share issue as 1Q reaps profit

GENEVA – Swiss bank Credit Suisse has reported a return to profit in its first quarter, while announcing plans to raise about 4 billion Swiss francs by issuing new shares in the coming weeks.

The Zurich-based wealth management specialist said first-quarter net income attributable to shareholders was 596 million francs ($600 million), compared to a net loss of 302 million in the year-earlier period. Revenues jumped 19 percent to 5.5 billion.

Credit Suisse cited a surge in its wealth management business that took in 12 billion francs in net new assets, a 24-percent increase from the previous year.

Chairman Urs Rohner said Credit Suisse opted for the share issue instead of a partial initial public offering of its Swiss operations, saying it was expected to underpin growth and help complete ongoing restructuring.