Credit Suisse earnings up 78 pct as new assets increase

Markets Associated Press

Credit Suisse says its second-quarter earnings were up 78 percent as its wealth management business reports a strong inflow of new assets.

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The Swiss bank said Friday that net profit for the April-June period was up to 303 million francs ($316 million) from 170 million francs a year earlier. Operating expenses were lower and the company said it's on track to meet its full-year cost target.

Credit Suisse said its wealth management division saw a 12 percent increase in net new assets over the year's first half to 22.8 billion, the strongest showing in six years.

For the first half, the bank reported net earnings of 899 million francs. That compares with a net loss of 132 million francs in the first six months of last year.