Credit Suisse warns over coronavirus uncertainties after first-quarter earnings beat

) posted a 75% rise in first-quarter net profit on Thursday, even as it cautioned the global coronavirus pandemic could impact performance in coming quarters.

Credit Suisse saw net profit rise to 1.314 billion Swiss francs , helped by a negative tax rate and one-off gains, and as a boost to trading revenue from volatile markets and “exceptionally high levels of client activity” in some areas helped cushion a rout in deal-making. U.S. banks have already set aside billions of dollars to cover potential loan defaults due to the virus and other European lenders are expected to do likewise when they start reporting results over the next two weeks.

The bank’s capital ratio fell to 12.1% from 12.7% over the quarter, driven in part by companies drawing down from their credit facilities. International Wealth Management, its only standalone wealth division, meanwhile, benefited from higher levels of client activity, with revenue up 6% to 1.5 billion francs.

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“ The first major European lender to report earnings since the coronavirus pandemic “

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