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Credit Suisse: stock up despite falling profits

( - Credit Suisse shares are up 1% in Zurich today after the bank reported pre-tax profit adjusted for exceptional items of 300 million Swiss francs for Q1 2022, a fraction of the 3.
6 billion Swiss francs posted a year ago.

At 4.42 billion Swiss francs, revenues were down 42% y-o-y, with contractions of 51% in investment banking (in dollars), 44% in wealth management and 10% in asset management.

The group said that this quarter was marked by volatile market conditions and client risk aversion, also highlighting a negative impact of 206 million Swiss francs in losses related to Russia's invasion of Ukraine.

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