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Credit Suisse has no plans to raise capital - source

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·1-min read
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at an an office building in Zurich
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ZURICH (Reuters) - Credit Suisse has no plans for a capital increase, a source familiar with the matter told Reuters on Wednesday, after the Swiss bank reported a dip in capitalisation.

As the bank reported a 273 million Swiss franc ($283.6 million) first-quarter loss on Wednesday, executives said capital could remain constrained over the next six months as the bank continues to make significant outlays towards compliance and risk.

Its core capital metric, or common equity tier 1 ratio, dipped to 13.8% from 14.4% at end-2021. As part of its 2024 strategic plan, it is aiming for a CET1 ratio above 14%.

Maintaining strong capital as the bank undergoes transition would be important, the source said. However, the bank has no plans for a capital raise, said the person, adding its capital ratio remained higher than many U.S. peers and in line with European competitors.

(Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Michael Shields)

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