The Asia Pacific chief executive of Credit Suisse, Helman Sitohang, said in a conference call on Thursday that the bank is to increase its headcount in the region as it hires wealth managers and adds selectively in the investment bank.
In the 31 March 2016 quarter, CBA saw its loan impairment expense climb higher to $427 million, equating to 25 basis points of gross loans and acceptances for the quarter.
Meanwhile, Saudi Arabia, United Arab Emirates and Kuwait ranked third, fourth and fifth with scores of 66.98, 36.68 and 35.51 respectively.
The bank is well on its way to achieve its 1200 branch network by March 2017 as it has already got an active network of 1000 branches as of March 2016. But Sobti said despite digitisation, the bank will continue to add branches.
Chief Executive Officer Sergio Ermotti, 55, who has shifted the bank’s focus away from investment banking in favor of wealth management, is struggling with market volatility that led to a slump in trading across the firm.
The big earnings drop at ANZ, the only major Australian bank with a large presence in Asia, also comes in an election year when banking sector misconduct is a hot issue following a series of scandals including insurance fraud and rate rigging.
ICICI Bank, India’s second-largest lender by assets, reported the biggest drop in quarterly profit in at least 15 years after setting aside reserves on top of provisions to cushion future defaults.