Profits in Asia Pacific climbed 26 percent year-on-year to reach an all-time high since the regional division was established.
APAC posted pre-tax income of 298 million ($326 million) Swiss francs in the second quarter – an all-time record since the division was formed – on the back of 1.1 billion Swiss francs in revenue.
The Swiss bank was all about breaking records this quarter as its global business also registered its best first-half in a decade with profits of 2.5 billion in Swiss francs.
Strong Markets Biz
The markets business was a strong contributor with 182 million Swiss francs in the second quarter driven by robust activities in equity and fixed income sales and trading. In the first half, Credit Suisse ranked first in the region for advisory, underwriting and financing by wallet share.
In contrast, private banking revenue was down 6 percent year-on-year due to lower recurring revenue and net interest income. Still, it posted strong net new assets of 4.5 billion Swiss francs led assts under management to reach 216 billion Swiss francs in the region supported by deposit inflows from Japan, Southeast Asia and Greater China.
Tailwinds Ahead
The region is set to receive even more tailwinds as it was named one of the three growth initiatives for the group alongside its Swiss universal bank and international wealth management business.
Areas of focus will include furthered coverage of ultra-high net worth and entrepreneur clients through investment in new relationship managers with a focus on strategic clients and technology. Wealth-linked solutions will be upgraded with expansions like enhanced financing capabilities and distribution.
Offshore aside, the bank will look to deepen its onshore businesses «including acceleration of the China build-out with the aim to take full ownership of our securities joint venture, Credit Suisse Founder Securities Limited», in the middle of rising U.S. tensions.
