Credit Suisse Group said first-quarter profit rose 23% as increased trading activity boosted the securities unit and private banking.
Bloomberg News reports that net income rose to $1.1bn, the bank said in a statement Tuesday. That beat the average estimate of nine analysts surveyed by Bloomberg.
'Fixed-income sales and trading revenues improved compared to the same quarter in the prior year due to increased client activity', said CEO Brady Dougan, who is presenting his last set of results, and Chairman Urs Rohner, in a letter to shareholders.
Credit Suisse is the first among Europe’s biggest banks to report first-quarter earnings. In the U.S., Goldman Sachs, JPMorgan Chase and Morgan Stanley have all reported higher revenue from increased trading spurred by divergent central bank actions.
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