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Saturday 18 November 2017

Near six-fold rise in profit for Credit Suisse

Credit Suisse has reported a nearly six-fold jump in third-quarter net profit (Walter Bieri/Keystone via AP)
Credit Suisse has reported a nearly six-fold jump in third-quarter net profit (Walter Bieri/Keystone via AP)

Credit Suisse has reported a nearly six-fold jump in third quarter net profit behind a "very strong" performance by its wealth management business.

The Zurich-based firm predicted strong global economic growth in the fourth quarter that could underpin its results despite political uncertainty.

Net income rose to 244 million Swiss francs (£184 million) in the third quarter, up from 41 million francs (£31 million) a year earlier.

Adjusted net revenues fell 2% to five billion francs (£3.8 billion).

The Swiss bank said on Thursday its deal pipeline has a "substantial backlog" and it expects its wealth management business to remain strong.

The bank is over half way through a three-year restructuring plan under chief executive Tidjane Thiam, and reaped about 400 million francs (£302 million) in cost savings in the quarter.

Its shares rose almost 4% after the release of the earnings figures.

AP

Press Association

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