Asia Private Wealth Boom Drives Credit Suisse Surge in Assets
- Region accounts for more than 40% of bank’s net new inflows
- Shares soar after revenue and earnings beat analyst estimates
Credit Suisse CEO Thiam on Earnings, New Asset Growth
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Asia is getting richer and that’s fueling growth thousands of miles away at Credit Suisse Group AG.
The Zurich-based firm -- which reported better-than-expected first-quarter earnings and revenue -- added 6.2 billion francs ($6.3 billion) of new assets in its Asia Pacific business in the first quarter, the most in at least two years and accounting for more than 40 percent of new inflows at the bank. The results helped drive the shares up as much as 5 percent.