Profits and assets under management trended lower for troubled Swiss giant Credit Suisse, though the bank saw improvements in new money.
Credit Suisse recorded net revenues in Asia of 700 million Swiss francs ($728 million) in the second quarter of 2022, according to its latest results, down 22 percent compared to 900 francs in the same period last year. Net revenues for the first six months totaled 1.5 billion francs, marking a 35 percent year-on-year decrease.
Assets under management in APAC also slipped 9.7 percent from 288.3 billion francs to 260.3 billion francs. One of the bright spots for Credit Suisse in the region was it posted positive net new assets of 2.3 billion francs in the second quarter, up from a net outflow of 7 billion francs in the same period last year. For the first six months of 2022, the bank registered positive net new money of 4.8 billion francs in the region, up from 900 million francs last year.
Investment Banking Highlights
The APAC investment banking unit saw higher trading revenue and lower rates revenue.
It also contributed to an increase in compensation and benefits – 10 percent to a total of 1.1 billion francs – due in part to deferred fixed cash compensation granted to certain employees.
