JSM Financial: Credit Suisse joins its U.S. counterparts with strong first quarter earnings.

April 22, 2010 - PRLog -- Slightly bettering most analysts' expectations, JSM Financial believes the latest figures released by Switzerland’s Credit Suisse Group indicate a first quarter net profit of $1.93 billion (2.06 billion Swiss Francs).

The results are a modest improvement on the first quarter of 2009 when the bank reported profits of 2 billion Swiss Francs.

The Zurich based bank said it had noted strong inflows of new deposits from wealthy clients during the period January to March. Net new money, which JSM Financial was informed is a good indicator of future business in the banking sector, was reported to be around $24 billion for the first quarter.

Credit Suisse added that its Tier 1 capital ratio was 16.4% at the end of March, up from the last quarter of 2009 at 16.3%. The higher a banks ratio, the more stable the business is likely to be.

The Swiss banks results are in line with encouraging results from the U.S. banking sector where Morgan Stanley reported first quarter profit of $1.8 billion, Citigroup reported profit of $4.4 billion and Wells Fargo $2.5 billion, all significantly higher results than expected by analysts.

JSM Financial believes that the bank also indicated that it was well placed to meet the conditions of new rules announced by the Swiss financial regulator FINMA which come into effect on June 30 of this year.

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