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Credit Suisse Q3 profit jumps 74%, lags estimates
[ZURICH] Credit Suisse on Thursday posted a 74 per cent year-on-year jump in third-quarter net profit as operating expenses fell faster than a 2 per cent decline in net revenues.
Net income attributable to shareholders from July through September rose to 424 million Swiss francs (S$583.8 million), missing the average estimate in a Reuters poll of analysts for 449 million francs.
"We expect our Wealth Management-related businesses – across Swiss Universal Bank, International Wealth Management and Asia Pacific WM&C – to continue to benefit from broad-based, client-led growth in the final quarter of the year," the bank said in a statement.