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Credit Suisse posts sharp rise in earnings

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Credit Suisse posts sharp rise in earnings
Credit Suisse offices in Zurich. Photo: Credit Suisse
09:43 CEST+02:00
Swiss banking giant Credit Suisse on Wednesday said its first quarter profit rose sharply to 1.303 billion francs ($1.38 billion) from 44 million francs for the same period a year earlier.

The significant jump in net profit is largely because the bank was weighed down by an accounting loss on its own debt during the same period last year.
   
For the first quarter of this year, the bank said it had attracted 12 
billion francs in new funds from clients.
   
The investment banking division's pre-tax earnings rose to 1.3 billion 
francs, up from 907 million francs.
   
Pre-tax profit in the asset management division meanwhile came to 881 
million francs, down from 951 million last year.
   
The bank also reported cost savings of 2.5 billion francs, saying it was on 
track to meet its reduction target of 4.4 billion francs by the end of 2015.

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