Switzerland's second-largest bank has reported a rise in net revenues in the first quarter at its private bank, and a rise in net new client money.

Credit Suisse said net revenues at its private banking arm stood at SFr2.651 billion ($2.91 billion) in the first quarter of this year, a rise of 3 per cent on the previous quarter.

Private banking at the Zurich-listed bank comprises the global Wealth Management Clients business and the Swiss Corporate & Institutional Clients business.

The Wealth Management Clients business reported net revenues of SFr2.185 billion, 10 per cent below the first quarter of 2011 and 3 per cent above the fourth quarter of last year, both mainly due to transaction-based revenues. Income before taxes was SFr406 million in the first quarter of this year compared to SFr624 million in the first quarter of 2011 and to SFr285 million in the fourth quarter of 2011.

Private banking logged net new assets of SFr8.4 billion.

The firm reported “good progress on strategic realignment in private banking”, including the integration of Clariden Leu into the business.

It sais there had been “significant cost and profit improvement measures executed in the first quarter”.

Switzerland’s second-biggest bank reported first-quarter normalised net income attributable to shareholders of SFr1.355 billion and return on equity of 15.9 per cent. Credit Suisse reported net income of SFr44 million, primarily due to fair value losses of SFr1.554 billion before taxes resulting from a significant tightening in own credit spreads.