Published: Sat, July 29, 2017
Entertaiment | By Lawrence Myers

Cost-cutting bears fruit at Credit Suisse trading arm

Cost-cutting bears fruit at Credit Suisse trading arm

Credit Suisse's momentum in Asia, Chief Executive Tidjane Thiam's main growth market, stalled in the second quarter.

UBS said Friday that net profit for the April-June period was up to 1.17 billion francs ($1.2 billion) from 1.03 billion francs a year earlier.

The bank beat analyst estimates for second-quarter profit, boosted by an uptick in wealth management activity. Analysts had expected net income of 809 million francs on adjusted operating income of 7.25 billion francs, according to the average of forecasts compiled by the bank. "However, the persistence of low volume levels and seasonality factors may continue to affect overall client activity".

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Credit Suisse's three wealth management businesses attracted net new money, a closely watched indicator of future earnings in private banking, of 22.8 billion francs in the first half of 2017.

Swiss rival Credit Suisse, which also reported second-quarter results on Friday, had a CET1 ratio of 13.3 per cent.

Lower compensation and restructuring costs kept Credit Suisse's markets business in the black in the second quarter, despite reduced levels of volatility hitting revenues.

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Expenses were 78.8 percent of income at UBS, and 87.2 percent at Credit Suisse - both lower than a year earlier. Pre-tax profit from the USA brokerage rose 25 per cent to 297 million francs from a year earlier, helping the bank offset a decline in income from its Swiss business.

The giant sales and trading divisions of the world's largest investment banks struggled in the years after the financial crisis as their high cost bases weighed on bottom lines amid falling revenues.

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