CS Holding, parent to flagship bank Credit Suisse and US-based investment banking group CS First Boston, posted group net profit before minority interests of 941 million Swiss francs ($781 million) versus 749 million a year earlier.
This rise of 26 percent compared to 36 percent at Swiss Bank Corp (SBC) and 33 percent at the biggest Swiss house, Union Bank of Switzerland (UBS).
Gross profit growth was also lower, at 24 percent for CS Holding as against 33 percent at SBC and a 48 percent rise in operating profit at UBS.Shares in CS Holding fell in Swiss pre-bourse trading. An hour after the results were published, CS registered shares were quoted at 127.75/128 Swiss francs, down from their 130 close.
A dealer said the market was mainly disappointed that CS had not made any announcements regarding the sale of its 44.9 percent stake in Elektrowatt or private bank Bank Leu. The six-month results were also at the lower end of expectations, he added.
CS Holding's interim report was cautiously optimistic for the full year 1996."CS Holding expects the full-year results for 1996 to be better than those for 1995, although provisions for credit risks will remain high, and the situation on the financial markets may affect the second-half performance," it said.
CS Holding added that massive restructuring measures, announced in July, were expected to lead to a sustained improvement in the group's performance in future years.
