The Swiss flag flies above the Credit Suisse logo in Bern, Switzerland
FABRICE COFFRINI AFP | Getty images
Credit Suisse announced a 24% increase in net income on Thursday and made additional provisions in a “difficult economic environment”.
The Bank of Switzerland has also announced several structural changes. This will include the establishment of a global investment bank unit and a savings program that will run from 2022 onwards. Will amount to about 400 million Swiss francs per year.
“The measures we outline today are appropriate to further strengthen our integrated model as a global leader in asset management with great potential for global investment banking,”; said Thomas Gottstein, CEO, in a statement.
She reported that the second 2020 Net income for the quarter was 1.16 billion Swiss francs ($ 1.27 billion), up 24% from the same period last year. According to Refinitiv, analysts expected 838.9 million. Swiss francs net profit for the three months to the end of June.
At the end of the first quarter, the bank had given back 568 million Swiss francs to cover possible loan losses and said it had added another 296 million Swiss francs in the second quarter.
In its report, the Swiss bank stated that its credit loss provisions in 2020 At the end of the first half, it was 12 times higher than the average of the last 10 years over the same period.
Stocks have fallen by about 27% since the beginning of the year.