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Credit Suisse increased its net profit by a third to 1.045 billion Swiss francs ($1.116 billion) in the second quarter, thanks to improved earnings from investment banking, Switzerland’s second biggest bank said on Thursday.
Higher trading revenues more than doubled investment banking profits to 754 million francs, compared to the same period last year.
At the same time, private banking and wealth management saw a fall in profit of 6 per cent to 917 million francs.
Lower income from interest outweighed the higher amount of fees paid by wealthy clients, Credit Suisse said.
Super-rich clients and customers from emerging markets continued to park their money in Credit Suisse accounts, while Western Europe saw outflows of funds.
The bank also said it had pushed ahead with its cost-saving programme in the first half of the year. Compensation and benefits fell nearly 11 per cent to 6 billion francs in that period, year-on-year.
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