Of Special Interest
Filters
- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
4th November 2011
Credit Suisse result - expense reduction
Credit Suisse reported Q3 net attributable to shareholders of CHF 683m (€561m £484m $775m ¥60.5bn Y4,928m) and CHF 2,590m (€2,129m £1,835m $2,940m ¥229.5bn Y18,688m) UP 12% and DOWN 39% on a year ago. It should be noted that the Q3 attributable to noncontrolling interests showed a reversal. The Q3 net profit was CHF 512m, a FALL of 42% and for the 9 months CHF 3,382m a FALL of 28%.
The bank gained CHF 1.3bn in the quarter from Debt Value Adjustment.It made charges of CHF 479m for litigation reserves and CHF 291m for restructuring. No surprise that investment banking showed a small loss. The dip in private banking was attributed to 'negative market sentiment' and the high value of the Swiss Frank. The bank gained Net New Assets of CHF 7.1bn (€5.8bn £5.0bn $8.1bn ¥629bn Y51.2bn).
The bank announced further expense cuts primarily by means of a further 1,500 jobs cut, on top of the 2,000 jobs cut announced in July. In the results teleconference the bank made clear that it could not foresee any quick upturn in financial markets and that the bank's mid-term profits would continue to be impacted by capital requirements and regulatory costs.
Income Summary 2011-Q3 2010-Q3 2011-9m 2010-9m
CHFm CHFm CHFm CHFm
Interest and dividend income 5,375 6,037 17,909 19,902
Interest expense -3,729 -4,321 -13,133 -15,037
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Net interest income 1,646 1,716 4,776 4,865
Commissions and fees 3,061 3,258 10,195 10,251
Trading revenues 1,920 943 5,047 8,023
Other revenues 62 649 1,719 979
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Net revenues 6,689 6,566 21,737 24,118
Provision for credit losses 84 -26 90 -56
Compensation and benefits 3,067 3,355 10,192 11,228
General and administrative expenses 2,209 1,752 5,493 5,488
Commission expenses 485 484 1,512 1,573
Total other operating expenses 2,694 2,236 7,005 7,061
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Total operating expenses 5,761 5,591 17,197 18,289
Continuing operations profit before taxes 844 1,001 4,450 5,885
Income tax expense 332 117 1,068 1,143
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Income from continuing operations 512 884 3,382 4,742
Discontinued operations, Profit net of tax 0 0 0 -19
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Net income 512 884 3,382 4,723
Attributable to noncontrolling interests -171 275 792 466
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Attributable to shareholders 683 609 2,590 4,257
Adjusted pre-tax income: continuing operations*
Wealth Management Clients -34 612 1,184 1,922
Corporate & Institutional Clients 217 224 697 680
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Private Banking 183 836 1,881 2,602
Investment Banking -190 395 1,384 2,973
Asset Management 92 135 466 323
Corporate Center 951 -613 16 -405
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Income from continuing ops. before taxes 1,036 753 3,747 5,493
*Adjusted basis in contrast to regulatory basis for income summary - totals do not match