ZURICH (dpa-AFX) - Credit Suisse Group (CS) reported that its second-quarter net income to shareholders increased 45% year-on-year to 937 million Swiss francs from 647 million francs, prior year. Earnings per share was 0.36 francs compared to 0.25 francs. Income before taxes increased 24% to 1.30 billion francs. Adjusted income before taxes was 1.27 billion francs compared to 1.28 billion francs, previous year.
Second-quarter net revenues were 5.58 billion Swiss francs compared to 5.59 billion francs, previous year, reflecting lower net revenues in Investment Banking & Capital Markets, offset by higher net revenues in Global Markets and Swiss Universal Bank. Adjusted net revenues were 5.51 billion francs, for the quarter. Net interest income improved 26% to 2.00 billion francs.
Second-quarter total operating expenses decreased 5%, primarily reflecting restructuring expenses incurred in the year ago quarter and a 2% decrease in general and administrative expenses, mainly relating to lower litigation provisions and lower professional services fees.
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