Credit Suisse reported a strong rise in net income for its second quarter on Friday, adding that assets under management had hit new highs for the bank.
Here are the key second-quarter metrics:
- Net profit: $312.6 million vs. expected $311.3 million, according to Thomson Reuters.
- Revenue: $5.36 billion vs. expected $5.35 billion, according to Thomson Reuters.
Assets under management hit a record high in the second quarter, led by gains in the wealth management division, as the Swiss bank enters into the second phase of its three-year restructuring program. The stock was up 1.8 percent in opening deals Friday.
The wealth management arm saw net new assets of $23.4 billion, a 12 percent increase on the previous year and the bank's strongest asset inflows in six years. Overall assets under management were up 8 percent on the year at $737 billion.
Net profit was up 78 percent year-on-year while net income came in at 899 million Swiss ($927 million) francs for the first half of this year. This compared to a net loss of 132 million Swiss francs for the same period last year.
The surge comes as a boon to the bank's chief executive, Tidjane Thiam, who was tasked with overhauling the bank and reducing its exposure to market movements. He said the strategy is now starting to pay off.