Credit Suisse reports surge in second quarter income

Credit Suisse has posted net income attributable to shareholders of CHF937m for Q2 2019, a 45% jump compared to CHF647m in the same quarter of 2018.

The group’s net revenues for the April-June quarter remained almost stable at CHF5.58bn.

Total operating expenses of CHF4.25bn were 5% lower than the previous year.

Credit Suisse CEO Tidjane Thiam said: “In Q2, we continued to deliver a strong operating performance through the disciplined execution of our strategy, with higher profits, both year on year and sequentially.

“We achieved an RoTE of 10% for the first time since we launched our restructuring in 4Q15.”

Income growth in Q2 at Credit Suisse International Wealth Management

The International Wealth Management unit reported pre-tax income of CHF444m for the three-month period ended 30 June 2019.

This is a 3% rise from last year’s figure of CHF433m.

Net revenues at the division increased 2% to CHF1.37bn from CHF1.34bn.

Swiss Universal Bank income shines

The group’s Swiss Universal Bank arm posted pre-tax income of CHF654m for the Q2 2019, up 18% from CHF553m last year.

Net revenues at the unit rose 4% to CHF1.47bn from CHF1.42bn.

Credit Suisse Income Growth in Asia Pacific

Pre-tax income at Credit Suisse’s Asia Pacific unit increased 9% year-on-year to CHF237m.

Net revenues at the unit remained flat at CHF913m.