The Swiss banking organisation delivered a broadly robust set of results for the second quarter. Group net income beat analysts' forecasts.

Credit Suisse today reported that its wealth management businesses logged net new assets of SFr9.5 billion ($9.6 billion), down a touch from the inflow of SFr9.6 billion in the previous quarter. In all across its entire business lines, assets under management hit a record of SFr979 billion.

At the overall Credit Suisse group level, net income attributable to shareholders was SFr937 million for the second quarter of this year, rising by 45 per cent year-on-year - and ahead of analysts' consensus forecasts. Pre-tax income was SFr 1.3 billion, up by 24 per cent on the same three months of 2018, it said in a statement.

Credit Suisse said it maintained a strong capital position, with a CET1 [common equity Tier 1] ratio of 12.5 per cent and a Tier 1 leverage ratio of 5.3 per cent.

Across its different business segments, Credit Suisse said that at its Swiss Universal Banking (SUB) arm (created as part of the group restructuring about three years ago), pre-tax income rose by 18 per cent year-on-year to SFr654 million; net revenues rose by 4 per cent. The bank said negative Swiss official interest rates continued to squeeze income. The private clients segment of the SUB generated pre-tax income of SFr356 million in the second quarter of 2019, an increase of 33 per cent on a year ago. Over the same period, net revenues of SFr828 million increased by 9 per cent.

Within the International Wealth Management arm, Credit Suisse said pre-tax income in Q2 2019 rose by 3 per cent on a year before to SFr444 million, driven by a 2 per cent rise in revenues. Net new assets rose to SFr14.1 billion after a slow start to the previous quarter. Pre-tax income for the first half of 2019 rose by 5 per cent year-on-year to SFr967 million. Within private banking specifically, net new assets were SFr5.5 billion, translating into an annualised growth rate of 6 per cent, mainly driven by ultra-high net worth clients.

"After a period in which we reduced our total number of relationship managers every year and improved the quality of our advisory team, we have made targeted investments in our client coverage, hiring 70 high-quality relationship managers since the fourth quarter of 2018 to capture opportunities in our preferred growth markets," Credit Suisse said of its IWM business's private banking arm.

The bank said its Asia-Pacific logged pre-tax income of SFr237 million in the second quarter of 2019, rising by 9 per cent year-on-year, with growth in revenues and AuM in its Wealth Management & Connected activities.

Net revenues in the quarter were largely flat year-on-year but increased by 7 per cent sequentially, driven by stronger performance in its WM&C activities.

"Private Banking revenues were our second-highest on record as a result of higher transaction-based revenues and net interest income. Advisory, underwriting, and financing revenues for the quarter were up 16 per cent year on year, reflecting an increase in financing activities and debt underwriting, and our completed deal activities were amongst the highest in the last two years," the bank said.