Credit Suisse Q2 profit down 78 percent

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Credit Suisse
Credit Suisse

Swiss lender Credit Suisse reported that its second-quarter net income attributable to shareholders of dropped 78 per cent to 253 million Swiss francs from last year’s 1.16 billion francs reflecting a significantly elevated effective tax rate.

The latest-quarter results included pre-tax losses of 653 million dollars or 594 million francs relating to Archegos as well as a pre-tax gain related to equity investment in Allfunds Group of 298 million francs.

Net revenues for the quarter declined 18 per cent to 5.10 billion francs from last year. Adjusted net revenues, excluding significant items and Archegos, were 5.2 billion francs, were down 14 per cent year on year.

Looking ahead, the company continues to expect more normal levels of market volumes in the coming quarters of 2021 compared to the elevated levels seen in 2020. Furthermore, for the course of the ongoing review of the Group’s business strategy, the company expects to continue to adopt a more conservative approach to risk.

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