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… Well, would you look at that:

(Source The Financial Times)

(Source The Financial Times)

Capital ratios offer one nonsense way to approach Credit Suisse’s first-quarter results. Earnings offer another: basic EPS of Sfr3.1 ($3.49) meant it was CS’s most profitable quarter since 2007. A cursory check of the data suggests it’s the biggest quarterly profit per share booked by a systemically important European bank since the GFC.

Before you all rush to the comment box, let’s emphasise the obvious. Headline numbers are wildly distorted by the zeroing in March of CS’s AT1 buffer securities to raise Sfr15bn. The emergency cash infusion is recorded as corporate centre net revenue, resulting in a record pre-tax profit of Sfr12.8bn…

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