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February 11, 2010

WBrief: CS 4Q09 income up 66%

By Spear's

Pre-tax income at the private banking arm of Credit Suisse was SFr857 million (around $805 million) in the fourth quarter of last year, surging by 66 per cent from the same period a year before, but was down 1 per cent on the previous three-month period of 2009, the bank said today.

Pre-tax income at the private banking arm of Credit Suisse was SFr857 million (around $805 million) in the fourth quarter of last year, surging by 66 per cent from the same period a year before, but was down 1 per cent on the previous three-month period of 2009, the bank said today.

The private banking unit, which comprises the Wealth Management Clients and Corporate & Institutional Clients businesses at the Zurich-listed bank, said net revenues were SFr3.0 billion, a fall of 4 per cent on the same period a year ago.

Credit Suisse, while it has not been unscathed by the financial turbulence of recent months, has been able to ride out the storms in better shape than its Swiss rival, UBS.

“In a market that is undergoing significant structural changes, our private banking business has outperformed,” said Brady Dougan, chief executive.

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