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Credit Suisse Group Q4 income up 11%

Staff writer |
Credit Suisse Group Q4 2013 total reported core pre-tax income of CHF 428 million, up 11% from CHF 385 million in Q4 2012.

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Private Banking & Wealth Management Q4 2013 total reported pre-tax income of CHF 870 million, taking into account litigation provisions of CHF 175 million in connection with the SEC-related aspect of the US tax matter, where we are working towards a resolution; strong profitability in strategic businesses with pre-tax income of CHF 1,057 million and after-tax return on Basel III allocated capital of 34%.

For the full year total reported pre-tax income of CHF 3,686 million; higher pre-tax income in strategic businesses compared to 2012, driven by significantly higher fee-based revenues; Asset Management pre-tax income increased 32% from 2012 to 2013, underscoring importance of restructured Asset Management franchise in profit generation within the division; and total reported net new assets of CHF 32.1 billion in 2013, with continued growth, primarily in emerging markets and the ultra-high-net-worth individual client segment

Investment Banking Q4 2013 total reported pre-tax loss of CHF 40 million, including a CHF 339 million litigation provision relating to ongoing mortgage litigation; solid performance in strategic businesses with pre-tax income of CHF 485 million, with sustained market share positions across high-returning businesses driving revenue growth.

For the full year total reported pre-tax income of CHF 2,243 million; improved profitability and pre-tax income in strategic businesses up 13% from 2012, reflecting slightly lower revenues, reduced cost base and lower leverage and capital usage; after-tax return on Basel III allocated capital of 19% in strategic businesses.


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