Saudi Arabia finances 800-bed King Salman Hospital costing $135 million in Zambia    Maximum fine of SR100000 for intentionally blocking or obstructing public road    Saudi Arabia arrests 23,194 illegal residents in a week    Lulu opens its first store in Makkah    Kremlin denies plans for Ukrainian peace talks    UN official warns of freezing deaths among Gaza children    Germany to open first anti-Muslim racism reporting center    Al-Hamddan's heroics send Saudi Arabia into Gulf Cup semi-finals    Saudi Arabia strongly condemns burning of Gaza hospital by Israeli forces    Saudi-Turkish Military Committee discusses ways to enhance defense cooperation    Kuwait advances to semi-finals after thrilling draw with Qatar    Two die in Sydney to Hobart yacht race    Lulu Retail expands in Saudi Arabia with two new stores    Saudi Arabia to host Gulf Cup 27 in Riyadh in 2026    Celebrated Indian author MT Vasudevan Nair dies at 91    RCU launches women's football development project    Financial gain: Saudi Arabia's banking transformation is delivering a wealth of benefits, to the Kingdom and beyond    Blake Lively's claims put spotlight on 'hostile' Hollywood tactics    Five things everyone should know about smoking    Do cigarettes belong in a museum    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Credit Suisse reports 48 percent rise in 2Q net profits to US$2.65 billion
Published in Saudi Press Agency on 02 - 08 - 2007


Credit Suisse Group said
Thursday that second-quarter profit rose 48 percent on
strong growth at its investment banking unit, AP reported.
Switzerland's second-largest bank said net profit for the
three months through June 30 increased to 3.2 billion Swiss
francs (US$2.65 billion; ¤1.94 billion) from 2.16 billion
francs a year ago.
Analysts had predicted only a modest rise in profits to
2.26 billion francs (US$1.88 billion; ¤1.38 billion).
Pre-tax income from Credit Suisse's investment banking
unit rose 94 percent to 2.5 billion francs (US$2.1 billion;
¤1.52 billion) in the second quarter compared to 1.29
billion francs in the same period of 2006.
«I am particularly pleased with our performance given the
fact that we had more challenging conditions in some
markets, which we expect to continue,» Credit Suisse CEO
Brady Dougan said in a statement.
«However, I am very optimistic about the long-term growth
prospects for Credit Suisse, and I believe that our
client-focused, integrated business model and disciplined
risk-taking will enable us to deliver superior value to
shareholders through market cycles,» he said.
European banks have been among those suffering due to the
current crisis in the U.S. sub-prime mortgage market.
Investors appeared to welcome the results, with Credit
Suisse shares rising 2.4 percent to 81.90 francs (US$68.06;
¤49.81) in Zurich.
Analysts at Zuercher Kantonalbank predicted an 8 billion
franc (US$6.65 billion; ¤4.87 billion) share buyback
program would be completed in 2008, rather than 2010 as
planned.
Credit Suisse said it generated 13.3 billion francs
(US$11.05 billion; ¤8.09 billion) in net new assets for its
wealth management business, while its asset management
business grew by 20.4 billion francs (US$16.95 billion;
¤12.41 billion). The bank said it managed a total of 1.63
trillion francs by June 30, a 5 percent increase compared
with March 31.
New assets are a closely watched indicator for Swiss banks
because they point to future revenue.


Clic here to read the story from its source.