GLOBAL - Credit Suisse saw net income from wealth and asset management rise 25% to CHF663m (e45.6m) last year.
According to the firm’s 2005 annual report, the wealth and asset management division posted net income of CHF182m for the fourth quarter of 2005, an increase of 189% compared to CHF63m in same period the previous year.
Net income in 2004 was CHF530m.
The division’s net income was up 80% on Q3, reflecting higher revenues in Alternative Capital and Credit Suisse Asset Management.
Overall, the Credit Suisse Group reported a net income of CHF5.85bn for the full year in 2005, against net income of CHF5.62bn for 2004.
Net income for Q4 2005 totalled CHF1.10bn, against net income of CHF959m in Q4 2004, and CHF1.91bn in the previous quarter.
Chief executive officer Oswald Grübel said 2005 had been a decisive year for the group.
“In particular, our businesses capitalised on increased client activity to produce stronger revenues,” he said.
By Lisa Haines
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