Credit Suisse’s top management today admitted the bank made mistakes during the credit crisis but insisted it is in better shape than its rivals to take advantage of the adverse market conditions.

Speaking at Credit Suisse’s annual meeting in Zurich a day after the bank posted a bigger-than-expected Sfr2.1bn (€1.3bn) net loss on the back of Sfr5.9bn of writedowns, chief executive Brady Dougan told shareholders: “Our relative performance and positioning demonstrates we have done better than many peer institutions. Without question, we have been affected, and yes, we have made some mistakes.”