Swiss banking entity Credit Suisse out with Q1 results and statement 26 April

  • Q1 profits CHF 596m vs 336.1m exp
  • will raise around CHF 4bln through a rights offering to catch up with European rivals on capital
  • cancelling plans to float a minority stake in its Swiss banking unit
  • propose EGM on 18 May to approve share capital increase
  • confident in medium-term growth forecasts but political uncertainties are hard to predict

Highest quarterly profit since restructuring by CEO Thiam but the rights offering may give some reason for concern albeit also prudent if they're behind the capital shore-up curve.

USDCHF unfazed at 0.9924 as EURCHF remains underpinned at 1.0861, just off 1.0870 highs.