Arab Today, arab today credit suisse beats expectations in second quarter earnings
Last Updated : GMT 15:58:50
Arab Today, arab today
Arab Today, arab today

Credit Suisse beats expectations in second quarter earnings

Arab Today, arab today

Arab Today, arab today Credit Suisse beats expectations in second quarter earnings

Credit Suisse
Geneva - AFP

Swiss banking giant Credit Suisse beat expectations in results released Thursday, reporting a second quarter net profit of 1.1 billion francs ($1.15 billion, 950 million euros) after suffering 700 million in losses over the same period last year.

It was the first earnings report under the leadership of new chief executive Tidjane Thiam, who was born in Ivory Coast and in June became the first African-born executive to take charge of a major Swiss bank.

Most analysts had forecast a net profit of around 690 million francs for the quarter.  

The Zurich-based bank said its gains were partly driven by "a very strong performance in the Asia-Pacific region," highlighting the importance of the region moving forward.  

Through the first half of the year, 16 percent of overall revenue and 27 percent of pre-tax income came from Asia Pacific.

"We foresee further significant opportunities in the years ahead," the bank said in a statement.

"We are...increasingly recognised as the Entrepreneurs’ Bank of Asia Pacific, a status we are determined to reinforce in the years to come."

The private banking unit performed particularly well, taking in 14.2 billion francs in new assets, again with strong contributions from developing markets in Asia, Africa and the Middle East.

Revenues in the investment bank were however offset by higher spending in "risk, regulatory and compliance infrastructure."

Credit Suisse was fined $2.6 billion last year for helping Americans hide money offshore to avoid taxes.

As part of the settlement, Credit Suisse admitted guilt on a felony charge.

Thiam, the former head of British insurer Prudential, has since being tipped as the new chief executive floated the notion of making key changes to the investment unit.

Investors and analysts have bet that Thiam is likely to downsize the bank, Switzerland's second largest, with an aim to focus more intensely on private banking and wealth management.

There has similarly been speculation about the prospect of job cuts in the investment arm.

In Thursday's statement, the bank said it planned to comply with a growing trend of tighter leverage requirements "primarily through reductions in investment banking."

Thiam and board chairman Urs Rohner said that Credit Suisse would continue "focusing resources on businesses where we see the greatest potential."

The earning report highlighted that bank made gains despite continuing market volatility related to Greece's future in the eurozone.

Domestically, the Swiss central bank's shock decision in January to end efforts to hold down the value of the franc against the euro, continued to have consequences.

Most of Credit Suisse's expenses are in francs, but significant portions of revenue are generated in other currencies, so the soaring local currency has led to rising costs.

Credit Suisse shares shot up 6.9 percent to stand at 28.7 percent in late morning trading, while Swiss SMI index was up 0.96 percent overall.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today credit suisse beats expectations in second quarter earnings Arab Today, arab today credit suisse beats expectations in second quarter earnings

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday