More good news for Credit Suisse
Bank Leu, a wholly owned subsidiary of the Credit Suisse Group, has released its best annual results in its 250-year history.
The news comes a day after the Credit Suisse Group revealed net profit growth of 11 per cent last year to SFr5.8 billion ($3.52 billion), surpassing market expectations.
Bank Leu’s net profit last year rose 33 per cent to SFr179 million. The bank said its assets under management at the end of the year totalled SFr70.4 billion.
Managed assets in the private banking arm, however, remained flat while funds held in custody accounts rose. Net inflows of money into private banking totalled SFr7.7 billion but negative market performance and internal account charges left the level mostly unchanged.
Income from commissions and services rose 22 per cent to SFr274 million, while interest income was up 27 per cent to SFr117 million and trading income increased 88 per cent to SFr96 million.
On the expenses side, there was an increase of 24 per cent to SFr247 million.
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