Credit Suisse Group has posted a net income attributable to shareholders of CHF647m for the second quarter of 2018, an increase of 114% compared to CHF303m a year ago.

The bank’s net revenues were CHF5.59bn for the quarter ended 30 June 2018, up 7% from CHF5.2bn in the same period last year. Total operating expenses dipped 2% to CHF4.47bn from CHF4.54bn a year earlier.

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The group’s Swiss Universal Bank (SUB) division posted income before taxes of CHF553m for the second quarter of 2018, an increase of 10% compared to CHF502m in the corresponding quarter of 2017. The unit’s net revenues rose 1% year-on-year to CHF1.42bn.

The International Wealth Management (IWM) unit posted a pre-tax income of CHF433m for the second quarter of 2018, a 19% surge from CHF365m in the same quarter of 2017. Net revenues at the division increased 6% to CHF1.34bn from CHF1.26bn last year.

The Asia Pacific business reported pre-tax income of CHF217m, an increase of 15% from CHF188m in the previous year. Net revenues at the unit rose 8% to CHF914m on a year-on-year basis.

Credit Suisse CEO Tidjane Thiam said: “2Q18 was a period of continued strong performance as we achieved our highest adjusted pre-tax income in the last 12 quarters and our seventh consecutive quarter of year-on-year profit growth. The Group’s 2Q18 adjusted profit increased 88% year on year, driven by strong revenue growth of 7%, and continued positive operating leverage supported by strict cost discipline.

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“The compounding effect of these two factors quarter after quarter – growing revenues and reducing costs – has allowed us to significantly increase our profits cumulatively by CHF4.4bn since 4Q16. Across Wealth Management, profit momentum increased significantly in 1H18. NNA flows remained strong at CHF23.5bn, driven mainly by UHNW clients.”