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Credit Suisse posts surprise Q3 net profit; raises legal reserves
[ZURICH] Credit Suisse reported an unexpected net profit of 41 million Swiss francs (S$58.66 million) for the third quarter and said it had upped litigation provisions by 357 million francs, mainly in connection with mortgage-related matters.
The Swiss bank's profit for the three months to end-September was well above the average estimate in a Reuters poll of five analysts for a 120 million franc loss.
"Looking ahead, we expect market activity to continue to be influenced by geopolitical and macro-economic uncertainty over the next several quarters and the outlook to remain challenging," chief executive Tidjane Thiam, in the job since July 2015 and who outlined his blueprint for Credit Suisse in October last year, said in a statement on Thursday.