Credit Suisse net earnings slump 34%


Credit Suisse (CS) Q1 net profit dropped 34% to 859M Swiss francs ($976M) and missed consensus of 1.09B francs.

Net revenues declined 8% to 6.47B francs.

Total assets -7% to 878B francs.

Investment bank pretax profit -36% to 827M francs, undershooting forecasts of 1.02B. Revenue from debt trading -25% to 1.49B francs, hurt by a lower contribution from rates and emerging markets businesses. Equities revenue -7.4% to 1.2B francs.

Earnings at Credit Suisse's private banking and wealth management unit, increased 15% to 1.01B, topping estimates of 941M francs.

Basel III common equity ratio 10%.  (PR)

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