Credit Suisse private banking division reported CHF2.6bn
($2.9bn) net revenue as at 31 March 2012, which was 3% up
from last quarter of 2011, due to a 15% increase in
transaction-based revenues.
However, its net revenues dropped 10% from 31
March 2011 driven by a drop in these same transaction-based
revenues.
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The bank’s private banking division made
CHF625m pre-tax income before taxes in the first quarter of 2012
with 2% lower total operating expenses i.e., CHF1.8bn, compared to
31 December 2011.
This was slightly below the figures
to 31 March 2011 due to lower commission expenses and lower
compensation and benefits, while general and administrative
expenses were slightly higher, Credit Suisse said.
Solid new
money growth from emerging markets,
UNHW
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By GlobalDataCredit Suisse’s private banking unit
attracted CHF8.4bn invnet new money following solid growth from
Ultra-High Net Worth (UNHW) and emerging marketsclients.
Wealth management contributed net new assets
of CHF5.8bn, including solid inflows in Switzerland (CHF3.3bn) and
the Americas (CHF4.3bn), which was dulled by CHF4.1bn assets
outflows due to Clariden Leu integration.
The bank has increased its focus on UNHW
segment in economically attractive markets, including 13 additional
UNHW dedicated hires in the segment.
The Swiss bank said streamlining of
coverage model for international affluent clients will go live in
mid-2012.
Cost-cutting drive on
track
Credit Suisse said the integration of its
former subsidiary Clariden Leu was on track, which has included 550
job cuts and asset outflows in line with expectations.
Credit Suisse integrated Clariden Leu in 2011
as a part of Credit Suisse strategy to increase the private bank’s
contribution to the group’s pre-tax income by CHF800m by 2014.
The Zurich-based bank said it was also
streamlining its branch network in Italy with the closure of 16
branches.
It was also working to integrate HSBC’s
former Japanese unit which it bought in December last year. The
bank said it is working to double AuM from $2.7bn as at 31 October
2011 to around CHF5bn.
