Credit Suisse reported a strong rise in net income for its second quarter on Friday, adding that assets under management had hit new highs for the bank.
Here are the key second-quarter metrics:
Assets under management hit a record high in the second quarter, led by gains in the wealth management division, as the Swiss bank enters into the second phase of its three-year restructuring program. The stock was up 1.8 percent in opening deals Friday.
The wealth management arm saw net new assets of $23.4 billion, a 12 percent increase on the previous year and the bank`s strongest asset inflows in six years. Overall assets under management were up 8 percent on the year at $737 billion.
Net profit was up 78 percent year-on-year while net income came in at 899 million Swiss ($927 million) francs for the first half of this year. This compared to a net loss of 132 million Swiss francs for the same period last year.
The surge comes as a boon to the bank`s chief executive, Tidjane Thiam, who was tasked with overhauling the bank and reducing its exposure to market movements. He said the strategy is now starting to pay off.
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