Net revenues at Credit Suisse’s private
banking division increased 4%, or CHF100m ($102m), from the first
quarter of 2012 to CHF2.7bn.
However, these revenues were lower than those
announced by the bank in the second quarter of 2011, with a drop of
2%, or CHF50m.
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The bank attributed the favourable revenues to
a higher interest income, as well as recurring revenues.
Overall Credit Suisse’s private banking unit
received a large boost to its pre-tax profits, increasing by 28%,
or CHF169bn, to CHF775bn from the first quarter.
Wealth management in good
health
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By GlobalDataIn its wealth management division, net
revenues increased by 5%, or CHF100m, to CHF2.2bn from the first
quarter, but were down 2%, or CHF50m, year-on-year.
Pre-tax income in the wealth management arm
increased 42% on a quarterly basis to CHF551m, dropping 5%
year-on-year.
Average assets under management (AuM) rose by
1%, or CHF11bn, to CHF774bn from the first quarter and rose CHF10m
year-on-year.
Credit Suisse reported net new money (NNM) in
its wealth management arm of CHF5.5bn. The Americas, Asia-Pacific
and Switzerland pumped in CHF8.9bn, while outflows at Clariden Leu
totalled CHF3.4bn.
The poor performance of its corporate &
institutional clients division, which posted a CHF2.1bn drop in net
assets, meant NNM at the bank’s private banking unit was only
CHF3.4bn.
This was a 57% and 71% drop from the first
quarter of 2012 and the second quarter of 2011 respectively.
