Results for 1st quarter 1995; Muted performance by Credit Suisse Group.ZURICH, Switzerland--(BUSINESS WIRE)--May 11, 1995--Market conditions remained difficult in the first three months of 1995 and the Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group--comprising Credit Suisse, Swiss Volksbank and their respective subsidiaries--put in a rather muted first-quarter performance. The results achieved by different business areas in the three months to 31 March 1995 measured against the very strong figures recorded for the same period last year varied. Marked shifts in exchange rates exerted a negative influence. Despite lower interest rates, income from balance sheet business has yet to show any significant improvement, due in part to a fall in the balance sheet total. On the other hand, the first-time inclusion of New Bank of Argovie had a positive effect on the balance sheet. Commission income failed to reach the levels posted for the equivalent quarter last year. Results in foreign exchange and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. business were satisfactory. By contrast, income from securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the continued to suffer as a result of unfavorable market conditions and as a whole came in below expectations. Credit Suisse Financial Products, a specialist derivatives house owned by Credit Suisse in partnership with CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. and Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. , put in a good first-quarter performance. Total expenditure by the Credit Suisse Group in the first three months was kept well within budget, remaining at around the 1994 level. The provisioning situation remained tense on the Swiss market. Future developments here will depend largely on continued economic recovery. The Credit Suisse Group's total assets shrank shrank v. A past tense of shrink. shrank Verb a past tense of shrink shrank shrink by Sfr 9 billion (3.9%) during the first quarter to stand at Sfr 222.6 billion. Sfr 6.4 billion of this fall was due to the weaker dollar. Lendings slipped a little to Sfr 125 billion, Sfr 2 billion (1.6%) down on last year's figure. However, had it not been for the dollar's weakness, which accounted for an almost Sfr 3 billion decrease in the value of lendings, this item would have actually posted a slight rise. Customer deposits fell rather more sharply: at Sfr 155.8 billion, they were down Sfr 7.7 billion (4.7%) on last year. Sfr 4.5 billion of this reduction was due to the dollar's influence. CONTACT: Credit Suisse Group, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Edgar Mitchell/Gail Quinn 212/238-5016 |
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