Credit Suisse has experienced a near 500% increase in net income attributable to shareholders over the past year, according to its Q3 2017 report.
In its latest update, the Zurich-based bank said net income had risen to CHF 244 million from 41 million in Q3 2016, which can be tied to rapid growth in Asia Pacific.
‘China has been a great success for us…everybody thought we were crazy because people started doubting China. I’ve never doubted China. All my career I’ve bet on China and it’s been absolutely successful,' Credit Suisse CEO Tidjane Thiam said in an interview with CNBC on Monday.
‘We have a very simple strategy; if you're in America in 1850 or 1860, our strategy is to be John D. Rockefeller's bank. And we manage his wealth and we help him build Standard Oil.
'What I've added to that is we'll help him set up foundation and monitor it and do good with it. So that's what we're doing. We're serving the ultra-high net worth, the entrepreneurs of the world and that has worked really beyond our wildest hopes.’
The quarterly report indicated Credit Suisse managed CHF 190 billion worth of assets in Asia Pacific at the end of Q3 last year. It also saw net revenues for the region of CHF 890 million, and income before taxes at CHF 218 million – a 43% increase since Q3 2016.
The report also showed how the bank is interested in emerging markets beyond China, such as Russia and Brazil, which both saw policy rates lowered recently.
The report said: ‘Among emerging markets, Chinese data may point to a slowdown in growth activity, while both Brazil and Russia continued their recoveries [during Q3 2017].
‘Emerging market equities continued to outperform developed markets as they benefited from the US dollar weakening.
'Oil and commodity exporting emerging markets such as Russia and Brazil outperformed due to the recovery in commodity prices in general, and oil prices in particular.’