The Credit Suisse financial group has announced net profits of SFr3.6 billion ($2.07 billion) for the first half of the year, a 35 per cent increase over the same period in 1999. The group's return on equity advanced from 19 to 21 per cent.This content was published on August 31, 2000 - 15:02
The figures, released on Thursday, come a day after the group announced its acquisition of United States investment bank and financial services provider, Donaldson, Lufkin and Jenrette (DLJ) for SFr19.6 billion.
A statement from group headquarters in Zurich said the results were characterised by "strong performance and progress" in all business units.
The strongest growth - 61 per cent - was recorded by Credit Suisse Private Banking, which saw net profits soar to SFr1.382 billion. It was followed by the group's Financial Services business, with profits rising 36 per cent to SFr948 million.
Credit Suisse First Boston recorded profit growth of 22 per cent at SFr1.240 billion, while Credit Suisse Asset Management posted net profits of SFr129 million, a16 per cent rise.
"A supportive equity capital market, particularly in the first quarter, resulted in strong growth in commissions and trading throughout the group, particularly at Credit Suisse First Boston and Credit Suisse Private Banking, while capital market volumes slowed to a more normal level in the second quarter," the statement said.
It added that group assets under management had risen to SFr1,227 billion since the end of 1999, up SFr45 billion or 3.8 per cent.
In its outlook for the year as a whole, Credit Suisse said it expected a good overall result. However, it added that it could not be assumed that the favourable market conditions of the first six months would continue in the second half of the year.
The statement said investment in new business activities and technologies could also influence the annual result.
swissinfo with agencies
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