Credit Suisse Group has reported a net income attributable to shareholders of CHF1.6bn, or $1.15 per diluted share, for the second quarter of 2010, compared to CHF1.57bn, or CHF1.18 per diluted share, for the same quarter of 2009.
Net revenues for the second quarter of 2010 declined 2% to CHF8.42bn from CHF8.61bn in the corresponding quarter of 2009.
Credit Suisse’s private banking, which comprises the global wealth management clients business and the Swiss corporate & institutional clients business, reported income before taxes of CHF 874m in the second quarter of 2010, down 7% compared to second quarter of 2009.
Investment banking division’s income before taxes for the second quarter of 2010 was CHF784m compared to CHF1.65bn in second quarter of 2009.
For the first six months of 2010, the company has posted a net income attributable to shareholders of CHF3.65bn, or CHF2.81 per diluted share, compared to CHF3.57bn, or CHF2.77 per diluted share, for the same period of 2009.
Net revenues for the first half of 2010 declined 4% to CHF17.38bn from CHF18.16bn in the same half of 2009.
Brady Dougan, CEO of Credit Suisse, said: “This was a resilient performance during a difficult second quarter for the banking sector. The continued strong flow of net new assets we achieved in private banking and our market share momentum, particularly in investment banking and in our Swiss institutional business, reflect the strength of our franchise.
“Despite the continuing macroeconomic uncertainty, in the first half of 2010 we achieved a return on equity of 20% while making further substantial progress developing our businesses. We remain confident that our strategy is appropriate and resilient in the face of an uncertain and challenging economic and market environment.”