Its net revenues also increased, up 24% year on year, which is being attributed to the increase in revenues across the majority of investment banking businesses, according to the firm’s half year report.
Elsewhere, both equity and fixed income sales increased as a result of improved market conditions. Equity sales totalled CHF 1,338m, and fixed income sales CHF 1,257m which were increases of 24% and 13% respectively on the previous year.
The asset management arm reported profit in line with Q2 2012, stating higher fee-based revenues in Q2 2013 were more or less on a par with gains generated by the partial sales of an ownership interest in Aberdeen Asset Management. Compared to the previous quarter, however, revenue for the division was up 5%.
Brady Dougan, CEO, said: “We have significantly advanced the transformation of our business model, consistent with the Swiss regulatory framework.
“The transition to higher interest rates led, in the latter part of the second quarter, to increased market volatility and reduced client activity. This market volatility continued into July, although more recently we have seen signs of stabilization in our major markets. In the longer term, the transition to higher rates will benefit our business, both our global Private Banking & Wealth Management franchise and our client-focused, capital-efficient Investment Banking business.“
Credit Suisse was one of three banks to be downgraded by S&P last month after the ratings agency said the risk for banks in the large capital market had risen and was unlikely to fall again in the medium term.
