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Pre-tax income at Credit Suisse’s Asia Pacific unit slipped in 2020 mainly due to higher credit loss provisions.
Pre-tax income for Credit Suisse’s regional business fell 10 percent year-on-year to 828 million Swiss francs ($921 million), according to a statement, driven primarily by higher credit loss provisions which were offset by higher net revenue.
Regional revenue grew 17 percent to 4.2 billion Swiss francs, accounting for 20 percent of the bank’s overall revenue with higher contributions from the Greater China region and strong collaboration with the global investment banking business. The region posted 8.6 billion Swiss francs of net new assets in 2020 which included a net outflow of 1.1 billion Swiss francs in the fourth quarter.
Assets under management for the region stayed flat at 221.3 billion Swiss francs compared to 2019’s 220 billion Swiss francs.
Globally, pre-tax income was down 27 percent to 3.5 billion Swiss francs due to increased provision for credit losses, major litigation provisions and an impairment to the valuation of a non-controlling interest in York Capital Management.
