CS seems to have a good profit, but there are huge hidden dangers
The CET1 ratio was 20.3% as of the end of 1Q23 compared to 14.1% as of the end of 4Q22.
But the seemingly good performance is actually due to the write-down of AT1 bonds.
Net profit was 12.432 billion Swiss francs, compared with a net loss of 273 million Swiss francs in the same period last year.
The net profit, which looks good, actually benefited from the write-down of AT1 bonds of 15.77 billion Swiss francs.
Without the 15.77 billion Swiss francs, the net revenue of only 2.695 billion Swiss francs will be difficult to support the expenses of more than 5 billion, and the actual operating profit is a serious loss.
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