CREDIT Suisse Group has released its first interim result after merging with Swiss Volksbank (SVB), reporting a 67 per cent profit increase to 2.4 billion Swiss francs (about HK$12.4 billion).
Like other European banks which derive much of their income from treasury activities, the group's trading income outstripped its on-balance-sheet income.
Trading income surged 95 per cent, rising 746 million francs to 528 billion francs, while commission income coming from securities and investment business rose by 392 million francs, or 47 per cent, to nearly 1.23 billion francs.
On-balance-sheet income totalled 1.5 billion francs, with about 34 per cent of the profit generated abroad.
The returns were a result of ''favourable conditions on the securities and forex markets and the falling interest rates which characterised the banking environment over the first half of 1993'', the bank report said.
However, there is still cause for concern.
''The difficult business climate and continuing structural adjustments, notably in the Swiss economy, mean that substantial provisions were again necessary,'' the report said.
