Expense provisions of CHF 100 million relating to the withholding tax treaty between Switzerland and the UK increased total operating expenses at Credit Suisse’s Private Banking & Wealth Management division to CHF2.46bn in the second quarter, a 3% increase on the same quarter last year.

The private banking and wealth management unit reported pre-tax income of CHF917m, a 6% drop on a year-on-year basis.

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Net revenues of CHF3.424m were up 4% from CHF 3.285m compared to last quarter’s results thanks to higher transaction- and performance-based revenues and higher recurring commissions fees.

Higher transaction- and performance-based revenues increased 16% compared to last quarter to CHF 1.06bn from CHF919m, reflecting improved client activity with significantly higher brokerage and product issuing fees.

 

Credit Suisse AUM increase 6.9% year- on- year

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Assets under management (AuM) in private banking and wealth management were at CHF 1.3trn in the second quarter of 2013 and 6.9% higher than the end of the second quarter of 2012. The growth was primarily driven by positive market movements and net new assets.

The bank said wealth management clients contributed net new assets of CHF7.5bn with continued strong inflows from emerging markets and from the UHNWI client segment, partially offset by continued outflows in Western Europe.

However, Aum slightly decreased 1.1% compared to the end of last quarter, as negative market movements and adverse foreign exchange-related movements were partially offset by solid net new assets, the bank said.