Credit Suisse Group AG (CS) Misses Expectations, Revenues Fall YoY

Credit Suisse Group AG (ADR) (NYSE:CS) missed on first quarter earnings, reporting an 8% year-on-year drop in revenues, from CHF 7.02 billion in 1Q13 to CHF 6.47 billion last quarter and a 34% year-on-year drop in income, from CHF 1.81 billion to CHF 1.40 billion over the same period. Diluted earnings per share fell from CHF 0.75 in 1Q13 to a disappointing CHF 0.47 last quarter.  Return on capital (ROC) fell from 18.2% to 14.4%, and the bank’s cost/income ratio increased from 74.0% to 77.8%.

Credit Suisse pulled out of 4Q13 losses

But the bank did pull out of a particularly bad 4Q13, when it lost CHF 529 million on CHF 5.92 billion in net revenues, and Credit Suisse Group AG...