Vladimír Urbánek (Kurzy.cz)
World markets  |  July 18, 2012 13:13:46

Credit Suisse Profit in 2Q grew, the bank plans to increase savings and assets

The second largest Swiss bank Credit Suisse announced that in Q2 of this year zvedlam eziročně profit by 2.6% to 788 mil.CHF.

The bank's management stated that the end of 2013, adopt measures which will reduce the overall costs of the bank by 1 mld.CHF. The bank also plans later this year to raise capital by 15.3 mld.CHF (approx. 15.6 mld.USD) to almost double the current level of capital adequacy. Without odladu bank intends to raise capital by 8.7 mld.CHF by issuing bills convertible into shares. Half of the bills buys strategic partners such as Quatar Holding, Olayan Group, Norges Bank and Temasek Holdings and the other half will be preferentially offered to existing shareholders of the bank. The bank also agreed to bring forward previously agreed emic convertible vouchers for 1.7 mld.CHF with Olayan Group. Another 4.1 billionCHF will be obtained through vouchers for Quatar Investment Authority next year.

The Bank intends to further increase by the end of this year, worth about an additional 6.6 mld.CHF which 1.6 billion will come from sales of property and the sale of the asset management division activities. The Bank also offers employees the opportunity to purchase its own shares.

The bank's management expects that the notified measures can dispel all doubts about the ability of health and banks that have appeared in a recent commentary Swiss central bank.

Management also reiterated its goal to increase the return on equity indicator from the current 9.2 to 15%.

Shares in response to the report to strengthen more than 6%. Since the beginning of the end of yesterday's title was losing 18%.
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