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Credit Suisse says introducing measures to deal with strong franc

Thursday, February 12, 2015 - 14:02
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Swiss bank Credit Suisse said on Thursday it is introducing a number of measures to deal with the strong Swiss franc, as fourth-quarter net profit beat analysts' estimates.

[ZURICH] Swiss bank Credit Suisse said on Thursday it is introducing a number of measures to deal with the strong Swiss franc, as fourth-quarter net profit beat analysts' estimates. "Based on 2014 earnings, we estimate the net adverse impact on our profit to be approximately 3 percent and expect to more than offset this impact through the announced measures by end-2017," Chief Executive Brady Dougan said in a statement.

Zurich-based Credit Suisse said net profit for the last three months of 2014 was 921 million Swiss francs (US$991.07 million), far exceeding expectations of 663 million francs in a Reuters poll of analysts.

REUTERS