The private banking and wealth management arms of Credit Suisse saw a rise in pre-tax income in the first quarter of 2014, a rise of 15% compared to the same period last year.
Pre-tax income for the division totalled at CHF 1,012 million (US$ 1,149 million), from CHF 882 million in Q1 2013, and the results were mainly derived from lower expenses and larger asset inflows. Total net new assets under management were valued at CHF 13.7 billion.
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Overall, the Swiss bank saw an income of CHF 859 million, a substantial 34% decrease compared to the CHF 1,303 million earned in the same period in the previous year.
Brady W. Dougan, chief executive, said: "We continued to optimise resource allocation to grow our high-returning businesses, particularly in Private Banking & Wealth Management, and made progress in winding down position in our non-strategic units. Given all of these positive developments and progress in our strategy execution, our intention remains to deliver cash returns to our shareholders at or above 2013 levels."
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