Credit Suisse saw a very productive second quarter for new business, adding SwFr 10.7 billion in net new client assets, with inflows across all regions. All of the group’s main divisions saw a profit for the period.
Credit Suisse saw a very productive second quarter for new business, adding SwFr 10.7 billion in net new client assets, with inflows across all regions. All of the group’s main divisions saw a profit for the period.
Of the SwFr 10.7 billion, SwFr 8.5 billion came from the wealth management division, with SwFr 2.2 billion from corporate and retail clients.
The Private banking division booked pre-tax income of SwFr 935 million for the quarter, a 23 percent decline on the previous year, on the back of a 10 percent decline in revenues. The Wealth Management business reported income before taxes of SwFr 662 million, down 20 percent on the year.
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Net revenues declined 9 percent, as an increase in transaction-based revenues – driven by higher revenues from transactions originated in Private Banking and jointly executed with Investment Banking – was offset by a decrease in recurring revenues, reflecting lower commissions and fees due to lower average assets under management.
The gross margin in its wealth management business reached 119 basis points, up three basis points on the same quarter in 2008.
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