Swiss lender Credit Suisse Group AG (CS) on Wednesday said first-quarter net income attributable to shareholders surged to 1.303 billion Swiss francs from 44 million francs in the previous year. Earnings per share increased to 0.76 francs from 0.03 francs.
Underlying net income attributable to shareholders increased to 1.462 billion francs from 1.055 billion francs.
Income before taxes increased to 1.891 billion francs from 198 million francs.
Net revenues increased to 7.188 billion francs from last year's 6.047 billion francs, reflecting improved
transaction activity, offset by reduced business disposal gains and lower net interest income.
The lender said it achieved expense savings of 2.5 billion francs, excluding certain significant items.
The firm is on track to reach cost run-rate reduction target of 4.4 billion francs by the end of 2015 versus adjusted annualized first-half 2011 runrate.
Brady Dougan, CEO, said, "With an underlying return on equity of 16% for the first quarter of 2013, we continue to show strong client franchise momentum and generate high returns on a substantially lower risk and cost base. The first quarter of 2013 shows that the strategic measures we have successfully implemented since mid-2011 are effective in bringing results to the bottom line on a consistent basis."
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