Credit Suisse’s wealth management business reported pre-tax income of CHF511m in the first quarter of 2013, a 16% year-on-year rise, with net revenues of CHF2.3bn.

Net revenues were stable compared to the first quarter of 2012, reflecting higher recurring commissions and fees and other revenues, which offset the adverse impact of the ongoing low interest rate environment, the bank said.

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Wealth management clients contributed solid net new assets of CHF5.5bn, no change from a year ago, with continued inflows from emerging markets and from the ultra high net worth individual client segment, partially offset by continued outflows in Western Europe.

The bank’s private banking and wealth management unit, which includes wealth management, asset management and corporate/institutional clients, reported a 7% drop in pre-tax income to CHF881m and a 5% slide in net revenues to CHF3.3bn on a year-on-year basis.

Lower net revenues were driven by lower other revenues and lower net interest income.

 

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Credit Suisse Group Q1 net income surges

Assets under management in the wealth management unit increased 5% to CHF836bn compared to the end of the last quarter of 2012 and 9% higher year-on-year, reflecting positive market movements, favourable foreign exchange-related movements and net new assets.

Credit Suisse group first quarter net income rose to CHF1.3bn from CHF44m in the previous year.

The sharp rise in profit rise was largely because the Swiss bank had booked a CHF1.5bn charge on its own debt in the year-ago quarter.

Net new assets across the group were CHF12bn in the first quarter of 2012, including strong net new assets of CHF4.4bn from the collaboration between the group’s businesses.