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Credit Suisse reports 24% rise in net profit as it merges its investment banking units

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Credit Suisse reports 24% rise in net profit, sets aside another $324 million for potential loan losses

The bank had posted net income of 1.31 billion Swiss francs for the first quarter of the year. At the time, it had set aside 568 million Swiss francs to deal with potential loan losses.A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerlandposted Thursday a 24% increase in net income and made additional provisions amid a "challenging economic environment."

"The measures we outline today are the right ones to further strengthen our integrated model, being a global leader in wealth management with strong global investment banking capabilities," Thomas Gottstein, the chief executive officer, said in a statement.

 

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