Credit Suisse Q1 write-downs of $5.3B drives $2.1B loss

The bank posted a net profit of 2.7 billion francs in the first quarter of 2007.

Credit Suisse shares, which have slid 43 percent in the last 12 months, rose 0.3 percent to 52.70 francs ($51.31.

"Other than the areas affected directly by the credit crisis, most of our businesses performed well, with revenues near, or in some cases above, those in the first quarter of 2007," Dougan said.

Credit Suisse's capital position is strong, Dougan said, adding that the bank would continue to manage its liquidity conservatively.

"I am confident that we will continue to serve as a safe haven for clients in uncertain and volatile markets, and to seize the opportunities that arise in times of market dislocation to create long-term value," Dougan said.

Credit Suisse took the bulk of its writedowns $2.64 billion for collateralized debt obligations.

Credit Suisse trimmed its exposures to the troubled areas during the quarter. Leveraged loans outstanding fell to 20.8 billion francs ($20.6 billion) from 35.1 billion francs at the end of last year. Subprime CDOs shrank to 700 million francs ($695 million) from 1.6 billion francs.