The cost/income ratio at this part of Credit Suisse was 71.9 per cent at the end of June this year, a touch higher than a year ago . Net revenues were SFr3.424 billion in the latest quarter, up from SFr3.398 billion in the same quarter a year ago.

The private banking and wealth management arm reported SFr46 million in provisions for credit losses in Q2, compared with SFr40 million in the same quarter of 2012.

Credit Suisse, which likes to promote its “one bank” qualities of bringing together investment banking, wealth management and other functions, said in the second quarter the firm generated SFr1.191 billion of “collaboration revenues”, equating to 17 per cent of the group’s net revenues in the second quarter of this year.

Across the bank as a whole, it reported core-pre-tax income of SFr1.534 billion, up 38 per cent from the same quarter of 2012. Underlying net income attributable to shareholders was SFr1.041 billion, up from SFr815 million a year earlier.

The bank said it has achieved in the first six months of 2013, on an annualised basis, expense savings of SFr2.7 billion and is on track to achieve a cost run-rate reduction of SFr4.4 billion by the end of 2015.

Brady Dougan, commenting on the economic background for the results, said: “The transition to higher interest rates led, in the latter part of the second quarter, to increased market volatility and reduced client activity. This market volatility continued into July, although more recently we have seen signs of stabilisation in our major markets. In the longer term, the transition to higher rates will benefit our business, both our global private banking and wealth management franchise and our client-focused, capital-efficient investment banking business.”

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