Credit Suisse yesterday released a strong set of results for the first quarter, driven primarily by an impressive turnaround in its investment banking division. The improvement shows that the strategy shift towards client-focused and flow trading businesses that began in early 2008 is working well for the bank -- at least in the current environment.
The Swiss bank reported a net profit of SFr2.01 billion $1.7 billion for the first three months this year, compared with a loss of SFr6.02 billion in the fourth quarter last year and a loss of SFr2.15 billion in the first quarter of 2008. This translates into SFr1.60 per diluted share and a return on equity of 22.6%. Net revenues...
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