Credit Suisse said on Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group AG in rescuing its rival.
It also said customer deposits declined by 67 billion francs in the quarter and that there had been significant non-renewals of maturing time deposits."These outflows have moderated but have not yet reversed as of April 24, 2023," Credit Suisse said.
Assets managed by the flagship wealth management division dropped to 502.5 billion francs at the end of March, compared to 707 billion reported for the same period last year. Credit Suisse said that at the end of the first quarter, it had 108 billion Swiss francs of net borrowings under these facilities after paying back 60 billion. Since then, it has paid back another 10 billion.
The "results show the challenged position CS’s franchise is in and the work ahead for UBS taking CS over," analysts at RBC Capital Markets said in a note to clients.
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