Credit Suisse: wealth management businesses 'paying off'

(CercleFinance.com) - Credit Suisse recorded strong profit growth across its core businesses in the second quarter, confirming that the new strategy is working, the Swiss bank said on Friday.


The bank's adjusted pre-tax income for the three months to end-June was 684 million Swiss francs, from 290 million Swiss francs in the same period one year ago.

The group's adjusted net revenues in the period amounted to 5.2 billion Swiss francs in the last quarter, compared to 5.1 billion Swiss francs one year ago.

Credit Suisse - which is now midway through the execution of a three-year strategic plan - said it is making good progress, with the global wealth management opportunity "paying off."

The group has achieved strong revenue growth across its wealth management businesses, with the unit posting an adjusted pre-tax income up 45% at 378 million Swiss francs.

In its statement, Credit Suisse said it expects current low levels of volatility, geopolitical concerns and periods of low client activity to continue to impact its market-dependent activities.

Copyright (c) 2017 CercleFinance.com. All rights reserved.