Credit Suisse Group Q4 income up 11%
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. ■