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Credit Suisse reports 78% profit surge as assets under management hit record

Credit Suisse reported a strong rise in net income for its second quarter on Friday, adding that assets under management had hit new highs for the bank.

Here are the key second-quarter metrics:

  • Net profit: $312.6 million vs. expected $311.3 million, according to Thomson Reuters.
  • Revenue: $5.36 billion vs. expected $5.35 billion, according to Thomson Reuters.

Assets under management hit a record high in the second quarter, led by gains in the wealth management division, as the Swiss bank enters into the second phase of its three-year restructuring program. The stock was up 1.8 percent in opening deals Friday.

The wealth management arm saw net new assets of $23.4 billion, a 12 percent increase on the previous year and the bank's strongest asset inflows in six years. Overall assets under management were up 8 percent on the year at $737 billion.

Net profit was up 78 percent year-on-year while net income came in at 899 million Swiss ($927 million) francs for the first half of this year. This...