Credit Suisse’s private bank and wealth management unit posted a pre-tax income of CHF834m for the first quarter of 2015, down 18%compared to a pre-tax profit of CHF1.01bn a year earlier.
Net revenues were CHF2.97bn, an 8% dip from net revenues of CHF3.24bn posted a year ago.
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The unit’s total operating expenses stood at CHF2.10bn, down 4% as against CHF2.19bn in the corresponding quarter of 2014.
Overall, the Swiss group’s net income attributable to shareholders reached CHF1.05bn for the first quarter, a 23% rise compared to net income of CHF859m registered in the prior year.
Credit Suisse CEO Brady Dougan said: "We delivered another quarter of strong and consistent performance. Wealth Management Clients generated a particularly strong result, with improved margins, increased profitability and good net asset inflows from key growth regions. In our well-diversified Investment Banking franchise, we achieved consistent strategic results and reported a return on regulatory capital of 19%, despite further significant deleveraging."
"Our swift and proactive response to the changed currency and interest rate environment post the Swiss National Bank’s announcement, combined with an improvement in market activity, mitigated the impact on our results and led to higher revenues in our Wealth Management Clients business."
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