Credit Suisse reports 23% profit rise

Credit Suisse (CS) reported improved first-quarter profits Tuesday based in part on what the Swiss banking giant said was strong performance by its wealth management clients division.

The Zurich-based bank said net income for the quarter increased 23% over the same period last year.

Net income totaled 1.054 billion Swiss francs, or roughly $1.1 billion. The result topped the 1.03 billion Swiss francs forecast by financial analysts.

Net revenue rose 3%, to $6.673 billion Swiss francs, or nearly $7 billion, the bank reported.

Credit Suisse CEO Brady Dugan, who is widely expected to step down later this year, said the bank's response to this year's surging value of the Swiss franc helped drive the improved results. The rise began in January after the Swiss central bank abruptly lifted the cap on the Swiss franc's exchange rate with the Euro.

"Our swift and proactive response to the changed currency and interest rate environment post the Swiss National Bank's announcement, combined with an improvement in market activity, mitigated the impact on our results and led to higher revenues in our Wealth Management Clients business," Dugan said in a statement released with the earnings results.

The bank remains committed to its capital and leverage goals for 2015, said Dugan.

Nonetheless, shares of Credit Suisse were down 2.03% at $26.55 in Tuesday morning trading.

Last May, the bank pleaded guilty to a criminal conspiracy charge and agreed to pay $2.6 billion in penalties for its role a long-running scheme that helped wealthy American clients evade U.S. taxes.