Credit Suisse Profits Surge at APAC Unit
Pre-tax income at Credit Suisse more than doubled for its Asia Pacific unit in the first quarter while the broader group suffered a loss.
Credit Suisse posted a pre-tax income of 524 million Swiss francs ($573 million) in the first quarter of 2021, according to its latest results, marking a 140 percent year-on-year increase.
Net revenues grew 27 percent to1,06 billion Swiss francs.
This compares to the broader group's loss of 252 million Swiss francs for the quarter.
Trading Up
The strong quarter in the region was driven primarily by higher transaction-based revenues which grew 64 percent to 658 million Swiss francs as well as an Allfunds Group equity investment revaluation gain of 43 million Swiss francs.
This reflected growth across financing revenues, brokerage and product issuing fees, equity underwriting revenues, revenues from completed mergers and acquisitions transactions and global trading solutions (GTS).
Net interest income fell 17 percent to 260 million Swiss francs.
Greater China Inflows
The bank’s APAC unit also saw assets under management increase by 20.6 billion Swiss francs to 241.9 billion Swiss francs which it attributed to favorable currency movements, market movements and net new assets.
It posted net new assets of 5 billion Swiss francs driven mainly by Greater China inflows.
