Swiss bank posted profit after 5 quarters of losses; revenue was $20.7 billion
Credit Suisse posted a profit of $13.9 billion in the 1st quarter of 2023, after 5 quarters of losses. Revenue was $20.7 billion. The data appear in the balance sheet of the Swiss bank released this Monday (24.Apr.2023). Here’s the full (497 KB, in English).
According to the document, the financial institution lost about US$ 75.3 billion in customer deposits. Also between January and March of this year, the bank had a net outflow of assets worth US$ 68.8 billion.
The result for the 1st quarter came after the bank faced a financial collapse. In the same period of 2022, the bank recorded a loss of US$ 307 million. In March, Credit Suisse was bought by the Swiss bank UBS for $3.23 billion. The merger has not yet been finalized because Credit Suisse said it had identified “material weaknesses” in your financial reports for the past 2 years.
However, the agreement was made immediately and was not approved by the shareholders. The purchase was considered an emergency and had the objective of restoring confidence in the global banking system, especially after the collapse of the Silicon Valley Bank in the United States.
In the report, the bank states that the performance of the 1st quarter of 2023 “was mainly impacted by the actions leading up to and resulting from the merger”in addition to “deposits and net outflows of assets”. He also said that “will work closely with UBS to ensure the transaction is completed in a timely manner”.
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