ZURICH: Tens of billions of dollars were withdrawn from Credit Suisse in the first 3 months of 2023, the bank’s earnings report revealed Monday, giving clues to the big challenges ahead as UBS prepares an emergency takeover.
Switzerland’s long-time second-largest bank recorded $68.6 billion withdrawn in the first quarter alone, it said on Monday in what is possibly its final quarterly report before its larger domestic rival, UBS, takes it.
Credit Suisse’s net profits
The bank also reported bloated net profits for the quarter, following its high-risk debts were ended in the mega-merger deal, but warned of big losses to come.
Investors had been impatiently awaiting the results as they sought clues to the challenges facing UBS, the country’s largest bank, after it was strongarmed in March by Swiss officials into the shotgun marriage. The results seemed to be met with some optimism.
In early afternoon trading, the bank’s shares rose nearly 2% to 0.81 Swiss francs a piece, and UBS were up 1.6% at 18.35 francs a share, as the Swiss stock exchange’s main SMI index rose 0.14%. –APP
