April 23, 2020 / 5:19 AM / a month ago

Credit Suisse sees Q1 profit rise 75% as it warns of uncertainty

ZURICH, April 23 (Reuters) - Credit Suisse Group AG 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.

"The scale of the adverse economic impact of the COVID-19 crisis is still difficult to assess and we would caution that we may also see further reserve build and impairments in the coming quarters," the Swiss bank said in a statement. "We are well prepared to continue to serve our clients and we believe we can maintain a resilient financial performance through this crisis."

Credit Suisse saw profit rise to 1.314 billion Swiss francs ($1.35 billion). Fourteen analysts polled by the bank had on average expected to see net profit of 997 million francs for the quarter. ($1 = 0.9715 Swiss francs) (Reporting by Brenna Hughes Neghaiwi Editing by Riham Alkousaa)

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