Net income attributable to shareholders was CHF 749 million, the highest quarterly profit since 3Q15. Group reported pre-tax income was CHF 1.06 billion, the tenth consecutive quarter of year on year profit growth, reflecting a business mix that continues to perform well in challenging market conditions. Credit Suisse reports continued inflows of assets with total Wealth Management Net New Assets of CHF 9.6 billion, representing an annualized growth rate of 5% for the quarter, and "record" Wealth Management Assets under Management of CHF 786.1 billion at quarter-end. Net revenues for the charter were CHF5.38B vs. CHF5.64B last year. Tidjane Thiam, CEO of Credit Suisse, commented: "In a challenging quarter, which was the first after the end of our three-year restructuring, we achieved our fifth consecutive quarter of positive income with net income of CHF 749 million, up 8% year on year. We are now operating with a lower risk profile, a stronger capital base and a structurally lower cost base. Our model is resilient; this allows us to protect our bottom line during periods when markets are challenging and provides upside when conditions improve. The first quarter was one of three very distinct months: a challenging January, a limited recovery in February followed by a strong March, which was our second highest revenue month in the last 39 months. Our Wealth Management franchise has proven resilient during a difficult quarter. We ended the first quarter with broadly flat total Wealth Management profits year on year and record AuM of CHF 786."
