Credit Suisse Reports Net Loss of CHF 252M for Q1 2021 Despite Revenue Gain

Credit Suisse​, a Switzerland-based investment bank, released today its financial results​ for the first quarter of 2021, revealing a net loss of CHF 252 million despite a gain of 31 percent in the net revenue.

In particular, Credit Suisse reported a net revenue of CHF 7.6 billion for the quarter ended on 31st March 2021. This is 31 percent higher than the CHF 5.8 billion net revenue the investment bank recorded for the same period in the previous year. Pre-tax loss for the three-month period was CHF 757 million.

The surge in net revenue was primarily driven by the bank's underlying business. For the three month period, Credit Suisse's adjusted net revenues excluding significant items and the US-based hedge-fund matter were CHF 7.4 billion, up 35% year on year.

In terms of income, the Swiss bank posted an adjusted pre-tax income, excluding significant items and the US-based hedge-fund matter, of CHF 3.6 billion, up 280% YoY.

In Q1 2021, Credit Suisse's Investment Bank experienced significant growth and momentum. The revenues increased to USD 3.9 billion, up 80% year on year, benefiting from a strong performance across all products. Additionally, Fixed Income Sales & Trading was up 29% year on year, Equity Sales & Trading was up 23%, and Capital Markets & Advisory was up significantly.

Credit Suisse is a leading global wealth manager with strong investment banking capabilities. The bank recently announced three key appointments — Ulrich Körner​ as CEO Asset Management and a member of the Executive Board, Floriana Scarlato as Chief Compliance Officer, and Morris W. Applewhite​ as a Non-Executive Director to the Board of Director.