FRANKFURT, Germany – Swiss bank Credit Suisse Group AG says net profit rose 23 percent to 1.054 billion Swiss francs ($1.13 billion) in the first quarter compared with a year ago.
CEO Brady Dougan said Tuesday that earnings were boosted by stronger results at the bank's wealth management division and by improved market activity. The bank saw stronger income from trading stocks and bonds thanks to increasing market volatility.
Those trends helped overcome headwinds from the sudden rise in the Swiss franc in January. Buoyant stock markets have also helped earnings at U.S. banks that have reported earnings in recent days
The net profit figure beat the average estimate of 1.028 billion francs compiled by financial information provider FactSet.