7/30/2020, 7:04 AM (Source: TeleTrader)
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Credit Suisse Q2 net revenue up 11% to 6.2B Swiss francs

Credit Suisse Group AG announced on Thursday its net revenue in the second quarter of 2020 went up by 11% in comparison to the same period last year to land at 6.2 billion Swiss francs. Its net income mounted by 24% to 1.2 billion Swiss francs year-on-year, while its operating expenses increased by 2% to 4.34 billion Swiss francs.

The group also reported its net revenue in the first half of 2020 came in at 12 billion Swiss francs, up by 9% compared to the same time last year, while its net income stood at 2.5 billion Swiss francs, marking an increase of 47% to the first six months of 2019. The operating expenses fell by 2% to 8.35 billion Swiss francs.

"Having achieved strong results in the first half of the year, we would like to take this opportunity to reaffirm our strategy and to announce several structural changes, which we will implement going forward. The changes should allow us to extract significant potential to improve effectiveness and efficiency, navigate the current environment with the necessary far-sightedness, and to unlock additional growth potential in the future to the benefit of our clients," Chief Executive Officer Thomas Gottstein said.

Baha Breaking the News (BBN) / JR