(5 May 2010 – Australia) Credit Suisse’s Australian operations is the latest local investment bank to post strong profit growth against the backdrop of the financial crisis.Credit Suisse (Australia) recorded a 17.8 percent rise in net profit for the year ended December 31 with total operating income almost doubling to $213.9m over the same period, according to accounts filed with the corporate regulator.
A wave of capital raisings undertaken by top 200 companies during the financial crisis have clearly assisted Credit Suisse’s profit hike with rivals such as UBS, Goldman Sachs JBWere and Deutsche Bank also profiting.
Credit Suisse advised on a number of equity capital markets deals last year, including capital raisings by Westfield, Macquarie Group and Rio Tinto. Credit Suisse’s profit has also been helped by a numerous takeovers in the Australian market.
The Credit Suisse (Australia) accounts does not include private banking, debt capital markets and asset management, covering only the bank’s equity capital markets and mergers and acquisition earnings.
Back in December, Credit Suisse announced that David Livingstone would replace the retiring country head David Trude.