Despite the intervention of the Swiss central bank and the bailout by UBS, the clients of Credit Suisse they keep bringing their money alive from the bank. In fact, during the first quarter of 2023, the Swiss institute suffered “significant net outflows of assets” at group level for a value of 61,2 billion francs, 5% of assets under management at the end of 2022. Despite this, on the Zurich Stock Exchange, the stock rises by 2,56% with investors who remain confident about the wedding with the first Swiss bank.
Credit Suisse: “Outflows slow, but no reversals”
I 61,2 billion francsthose withdrawn between January and March are added to the 110 billion already lost last fall. To date, "these outflows have eased but have not yet reversed," reads the note on the quarterly results.
And again: in the second half of March, Credit Suisse witnessed “significant cash deposit withdrawals as well as the non-renewal of term deposits” for a total amount of 67 billion francs.
“These outflows, which were more acute in the days immediately preceding and following the announcement of the merger” with UBS “were stabilized at much lower levels but they have not yet reversed the trend as of April 24” reads the press release on the bank's quarterly results.
Credit Suisse: profit of 12,8 billion thanks to the zeroing of AT1 bonds
The first quarter also closed with a profit jumped to 12,8 billion francs, compared to a loss of 1,39 billion in the same period of 2022, due to the cancellation of 16 billion francs of bonds At1, permitted by the prospectus of financial instruments and requested by the authorities to facilitate the rescue of UBS. A decision they have already been thrown against lawsuits.On an adjusted basis, the pre-tax result was negative by 1,3 billion francs in the first quarter, almost double the 700 million budgeted.
