Credit Suisse’s private banking division posted assets under management (AuM) of CHF1.02trn ($1.09trn) in the third quarter – the first time AuM has exceeded CHF1.0trn since 2007.
Pre-tax income dropped 11%, or CHF86m, to CHF689 from the second quarter.
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However, net revenues dropped by 4%, or CHF101m, from the second quarter of 2012 to CHF2.59bn.
This is also a year-on-year decrease of 1%, or $20m, from the third quarter of 2011, although these were more stable due to lower transaction-based revenues, higher net interest income and stable recurring commissions and fees.
Net assets drop 7% QoQ
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By GlobalDataNet new assets were down 7%, or CHF400bn, from the second quarter of 2012 to CHF5.2bn. This also represented a 26% year-on-year slump, or CHF2.2bn, from the third quarter of 2011.
These were driven by inflows in booking centres outside Switzerland, partially offset by outflows on Swiss platform from mature markets, mainly from Western Europe.
Pre-tax income in the wealth management arm dropped 12% on a quarterly basis to CHF483m, dropping 9% year-on-year.
Average assets under management (AuM) rose by 4%, or CHF29bn, to CHF803bn from the second quarter.
