Credit Suisse looks to double Asia-Pacific income by 2018
The Swiss bank homes in on growth in region as global earnings continue to fall below expectations
Credit Suisse is doubling down on its wealth-management business in the Asia-Pacific region after results there shone in the first nine months of the year, in contrast to lacklustre global earnings.
The Zurich-based bank’s Asia-Pacific pre-tax income hit 1.1 billion Swiss francs (HK$8.93 billion), up 48 per cent year on year. It would look to double that figure by the end of 2018, it said on Wednesday as it released a major strategic review of global operations.
As part of its new focus on the Asia-Pacific region, Credit Suisse will also aim to double client assets in there by the end of 2018.
It said client assets in the region amounted to 133 billion Swiss francs, while revenues climbed 17 per cent to 3 billion Swiss francs.
For the group as a whole, revenues and pre-tax income fell below analysts’ expectations.
Net income in the third quarter hit 779 million Swiss francs, falling 24 per cent from the same period last year and missing the 858 million Swiss francs consensus estimate in a Bloomberg survey of analysts.