July 28, 2011

CREDIT SUISSE/UBS Q2 RESULTS






Credit Suisse reported a 52% drop in second quarter net profits (SFr768 million) compared with the same period last year. Revenues fell by a quarter to SFr6.32 billion.

Investment banking profits fell from SFr784 million in Q2 2010 to SFr231 million in the last three months.

Net new money coming into private banking totaled SFr11.5 billion.

UBS posted SFr1 billion profits in the second quarter, compared with SFr1.8 billion in the first three months of this year and SFr2 billion in Q2 2010.

Group revenues fell 14% from the first quarter to SFr7.2 billion.

Investment banking proved to be the biggest drag on numbers, with a 71 per cent year-on-year fall in profits to SFr376 million.

Net new money inflows amounted to SFr9.3 billion in the quarter.

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