UBS Group AG UBS subsidiary Credit Suisse (CS) reported six months FY23 revenue of CHF17.1 billion, significantly higher than CHF8.13 billion a year ago.
The company reported net income attributable to shareholders of CHF2.21 billion in 6M FY23 vs. a loss of CHF1.97 billion in 6M FY22.
Provision for credit losses stood at CHF217 million in 6M FY23.
Also, Credit Suisse witnessed net asset outflows of CHF100.3 billion in the period, with net asset outflow of CHF74.0 billion in the wealth management division on outflows across all regions and CHF14.6 billion in the Swiss bank division on outflows in its private clients business.
As of six months of FY23, CS had assets under management of CHF1,213.3 billion.
CS expects a loss of $1.6 billion from reclassifying loans (held at amortized cost to held-for-sale) related to its non-core and legacy businesses and plans to wind down some management arrangements, which can lead to a loss of up to $0.6 billion in Q3 FY23.
Last week, UBS reportedly terminated around 70% of the Hong Kong-based staff headcount at CS's securities research unit soon after the two Swiss banking giants moved ahead with the integration of operations.
Earlier this month, UBS's Vice-Chairman Lukas Gehwiler said that it is possible that CS may generate further losses in H2 FY23, as per Reuters.
Also Read: DOJ Intensifies Probe Into Credit Suisse, UBS Group Over Alleged Russian Sanctions Evasion
Price Action: UBS shares are trading higher by 1.13% at $24.98 premarket on the last check Friday.
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