Credit Suisse’s private bank and wealth management unit has posted a pre-tax income of CHF937m for the second quarter of 2015, compared to loss of CHF749m a year ago.
Net revenues were CHF3.15bn, an increase of 3% from CHF3.05bn in the second quarter of 2014.
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The unit’s total operating expenses at end of second quarter stood at CHF2.17bn, down 42% compared to CHF3.77bn in the corresponding quarter of 2014.
The private bank and wealth management unit’s provision for credit losses were CHF44m, a surge of 91% versus CHF23m a year earlier.
Overall, Credit Suisse Group reported a net profit of CHF1.05bn for the second quarter, bouncing back from a CHF700m loss in the year ago quarter. Net revenue rose 8% to CHF6.94bn from CHF6.43bn a year ago.
"Asia Pacific continues to be a significant driver of our performance in both private banking and wealth management and investment banking," the bank said. "We foresee further significant opportunities in the years ahead."
