Standard & Poor’s Equity Research said it remains positive in its outlook for Credit Suisse after the Zurich-listed bank issued results yesterday which the agency said were disappointing in some areas of wealth management.

Income before tax at the private banking arm of Credit Suisse fell by 8 per cent year-on-year to SFr892 million (around $833 million) in the first three months of 2010, hit by the impact of captive insurance settlements, the bank said yesterday, while net revenues rose by 1 per cent to SFr2.9 billion.

“Wealth management results were below our forecast, despite strong net new asset growth, on lower gross margins,” S&P said. It noted, however, that the firm logged strong net inflows in private banking and asset management.

“We remain positive on Credit Suisse as the group continues to attract net new assets and display consistent market share gains. Capital levels remain solid, in our view, with a core Tier 1 capital ratio of 10.9 per cent," it said.

The agency retains its Buy recommendation on the firm’s stock and has a share price target on a 12-month basis of SFr60, currently trading around SFr54. It has an earnings per share forecast of SFr6.56 for 2011 and SFr7.09 in the following year.