Credit Suisse Group, Zurich, took another sizable CMBS writedown during the first quarter but fared well in several other areas including secondary trading of U.S. RMBS.
The company said it took 1.4 billion Swiss francs ($1.2 billion) in commercial mortgage-backed securities writedowns during the period.
Strong results in secondary trading of U.S. RMBS and other areas allowed the company as a whole to generate 2.0 billion Swiss francs ($1.7 billion) in net profit during the quarter.