Credit Suisse reports 47% growth in net income in first half of 2020 and makes structural changes

Credit Suisse published its second quarter of 2020 results and reported CHF 1.6 billion in net income, a 19% increase from last year.

Net revenues of the Swiss bank reached 6.2 billion, registering 11% rise from the previous year.

In the first half of the year Credit Suisse registered strong performance. The pre-tax income reached CHF 2.8 billion, up by 16%. Net income attributable to shareholders was CHF 2.5 billion with 47% growth compared to the previous year. Net revenues reached CHF 12 billion, up 9%.

Credit Suisse

Credit Suisse also announced structural changes including setting up of a global investment bank unit combining its global markets and investment banking divisions. The bank will also a new savings program of about 400 million Swiss francs per year from 2022.

Thomas Gottstein, the chief executive officer said:

Thomas Gottstein, Credit Suisse

Thomas Gottstein

I am certain that the measures we outline today are the right ones to further strengthen our integrated model, being a global leader in wealth management with strong global investment banking capabilities. These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail.

The bank’s announcements also included the promotion of Brian Chin to head its investment bank and David Miller stepping down from the executive board.

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