Following the results of the first three months of the current year, Swiss bank Credit Suisse (CS) managed to get 12.8 billion francs in profit. It happened mainly due to writing-off debts against the background of the merger of the credit institution with UBS, it is said in the quarterly report of CS.

Thus, the management of CS managed to break the chain of loss-making quarters. For comparison, the bank suffered a loss of 1.4 billion francs at the end of the last quarter in 2022, and a year earlier – 273 billion francs, the credit institution explained in a press release.

However, the merger with UBS allowed the credit institution to write off the value of all bonds AT1 totaling about 15 billion Swiss francs. Without this factor, the bank would have incurred a loss of 1.3 billion francs, and its revenue would have fallen by 40 percent to 2.7 billion francs, the document specifies.

On April 6, the Swiss government stripped Credit Suisse’s board of $66.3 million in bonuses following its merger with UBS. These payments were due to the top managers of the credit organization for 2022. The measure of the authorities will affect a total of about 1,000 employees of the second largest bank in the country by capitalization.

We reported earlier that Apple had banned Google, Microsoft and 20 other brands from advertising near the Apple Store in India.