Credit Suisse Group reported a profit in its first quarter, compared to a loss last year, with significant growth in revenues.
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The company also announced its plans to raise approximately 4 billion francs capital through a fully underwritten rights offering.
The board has also decided to retain full ownership of operations in Switzerland.
Looking ahead, the company said, "We are only a few weeks into the second quarter and have continued to see positive NNA inflows in SUB, IWM and APAC.
"We have noted that political uncertainties have weighed somewhat on client volumes in the first few weeks of April.
"The outcome for the quarter will be dependent on political developments that are hard to predict at this stage."
The company said it is confident in medium-term growth prospects. However, due to uncertainties, it remains cautious in the short term.
Further, the Board has proposed to move to all cash dividend in the future, removing dilution associated with scrip dividend.
Credit Suisse said it is accelerating plans for non-core unit SRU and aim to reach 2019 capital targets one year earlier than originally planned without incremental pre-tax losses in excess of current guidance.
The company expects the SRU program and division wind-down will therefore be completed by end-2018, with residual assets and operational infrastructure assigned to the rest of the Group from 2019 onwards.
For the first quarter, net income attributable to shareholders was 596 million Swiss francs, compared to a net loss of 302 million francs last year.
Group pre-tax income was 670 million francs, compared to loss of 484 million francs a year ago. Core income before taxes climbed to 1.21 billion francs from last year's 769 million francs. Strategic Resolution Unit or SRU recorded narrower loss before tax.
Group adjusted pre-tax income was 889 million francs, compared to adjusted pre-tax loss of 173 million francs last year. On an adjusted basis, five operating divisions delivered pre-tax income, partially offset by an adjusted pre-tax loss in SRU.
Group net revenues climbed 19 percent to 5.53 billion francs from 4.64 billion francs last year. Core revenues increased to 5.74 billion francs from 5.18 billion francs a year ago.
Provision for credit loss declined to 53 million francs from 150 million francs last year.
Assets under management or AuM grew 10.5 percent to 1.30 trillion francs. ■
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