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July 28, 2017

Credit Suisse net profit surges to CHF303 in Q2

Swiss banking giant Credit Suisse Group has posted a net profit attributable to shareholders of CHF303 for the second quarter of 2017, a surge of 78% compared to CHF170m a year ago.

Net revenues were CHF5.20bn, up a 2% compared to CHF5.11bn in the year go quarter.  Total operating expenses dropped 8% year-on-year to CHF4.54bn.

The bank’s Swiss Universal Bank (SUB) division posted income before taxes of CHF502m, a rise of 11% from CHF453m in the second quarter of 2016. The division’s net revenues increased 5% year-on-year to CHF1.4bn.

The International Wealth Management (IWM) unit posted a pre-tax income of CHF365m, compared to CHF245m in the corresponding year ago quarter. Net revenues at the unit increased 10% to CHF1.26bn from CHF1.14bn a year ago.

The Asia Pacific (APAC) Wealth Management & Connected business (WM&C) registered a 23% rise in net revenues and 78% surge in adjusted pre-tax income year-on-year in the second quarter of 2017.

Credit Suisse CEO Tidjane Thiam said: “We are now midway through the execution of our three-year strategic plan and our strategy is working: we are making good progress against our key objectives. Our focus on the global wealth management opportunity is paying off, with growing net new assets and record global assets under management growing at 8% in this first half.”

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