The private banking & wealth management division of Credit Suisse has reported total reported pre-tax income of CHF 870 million for the fourth quarter of 2013, down 4.5% from CHF911 million in the year ago period.
The total pre-tax income for the latest quarter takes into account litigation provisions of CHF175 million in connection with the SEC-related aspect of the US tax matter, the Swiss banking major said in a statement.
The division reported net revenues of CHF3.44 billion, a rise of nearly 4% compared to CHF3.31 billion a year ago.
Total reported operating expenses for CHF2.54 billion for the quarter compared to CHF2.33 billion in the fourth quarter of 2012.
Commenting on the divisions’ performance Credit Suisse CEO Brady Dougan said:, "In Private Banking & Wealth Management, we improved the profitability of our strategic businesses in 2013, including a 32% increase in pre-tax income compared to 2012 from our restructured Asset Management franchise.
"We continued to reallocate resources to growth areas and recorded a net new asset growth rate of 8% from emerging markets within Wealth Management Clients, where we see further strong potential for growth. Additionally, we made continued progress in adapting our coverage of mature markets during 2013, including the realignment of our activities in Germany, and we continued to leverage our strong market position in Switzerland.
"We will remain focused on improving the profitability of our Private Banking & Wealth Management businesses by delivering growth in emerging markets and continuing to adjust our capacity in mature markets to client needs."