Credit Suisse reports a spike in profit
The lender had built up over one billion Swiss francs in reserves during the quarter
Stocks impacted: Credit Suisse Group AG (CSGN)
The European bank reported a jump in first-quarter net profit by 75% on year to 1.31 billion Swiss francs ($1.35 billion). Revenue rose 7% to CHF5.78 billion. At the same time, Credit Suisse cautioned the global coronavirus pandemic could impact performance in coming quarters. The lender said it had built up over one billion Swiss francs in reserves during the quarter to reflect the challenging economic environment and pressure on oil prices. Credit Suisse is the first of many European banks due to announce first quarter earnings during this challenging period. Amid the pressure from Swiss regulator FINMA, the bank will propose halving its dividend at its Annual General Meeting on April 30. Credit Suisse stocks are trading 2.5% lower on Thursday.
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