Credit Suisse said it logged SFr5.3 billion ($5.3 billion) in credit-related write-downs during the first quarter and also announced a net loss of SFr2.148 billion in the same period, reversing a net profit of SFr2.73 billion for the same period a year ago. The Zurich-headquartered bank said it made net revenues of SFr3.02 billion in Q1, plunging by 72 per cent from a year ago. However, despite the impact of the credit crunch, Credit Suisse said its Tier 1 capital ratio – a key measure of financial strength – was 9.8 per cent at the end of March this year. "Our first-quarter results are clearly unsatisfactory. However, during the quarter, we substantially reduced our exposures to affected areas and we will continue to do so in a disciplined fashion,” Brady Dougan, chief executive officer, said in a statement. Meanwhile, the wealth management business of Credit Suisse reported income before taxes of SFr860 million, down 13 per cent from the same period of 2007. Net revenues were SFr2.313 million, down by 3 per cent, as an improvement in recurring revenues was offset by a decrease in transaction-based revenues. The corporate and retail banking business reported income before taxes of SFr464 million, up by 3 per cent from the first quarter of 2007. In investment banking, the loss before taxes was SFr3.460 billion, compared with income of SFr1.990 billion in the strong first quarter of 2007, reflecting the extremely challenging market environment in 2008. Net revenues reflected write-downs in the leveraged finance and structured products businesses of SFr5.281 billion in the first quarter. This amount included the revaluation of some asset-backed security positions in the collateralized debt obligations trading business in investment banking, as announced on 20 March 2008.