Credit Suisse reports nearly 6-fold rise in profit
GENEVA (AP) — Swiss bank Credit Suisse has reported a nearly six-fold jump in third quarter net profit behind a “very strong” performance by its wealth management business amid continued cost savings and a restructuring plan.
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 (dollars) in the third quarter, up from 41 million francs a year earlier. Adjusted net revenues fell 2 percent to 5 billion francs.
Credit Suisse said Thursday its deal pipeline has a “substantial backlog,” and expects its wealth management business to remain strong.
The bank is over halfway through a three-year restructuring plan under CEO Tidjane Thiam, and reaped about 400 million francs in cost savings in the quarter.
Its shares rose almost 4 percent after the release of the earnings figures.