Public RelationsCredit Suisse swings into profit in Q3
Swiss banking major Credit Suisse Group today returned into black with a third quarter profit of 2,354 million Swiss francs, riding on the strong performance by its investment banking business.
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Credit Suisse had registered a loss of 1.26 billion Swiss francs in the third quarter of 2008, it said in a statement.
The bank"s net revenues rose to 8.91 billion Swiss francs in the three months period ended September, against 3.02 billion Swiss francs in the same period last year.
"Credit Suisse has responded to changes in the industry over the past two years with the accelerated implementation of our client-focused, capital-efficient strategy and reduced -risk business model".
"Our third-quarter performance, including our strong return on equity of 25.1 per cent, shows that our approach continues to work well and is providing the foundation for sustainable, high-quality, lower volatility earnings," Credit Suisse Chief Executive Officer Brady W Dougan said.
The investment banking segment"s income before taxes of 1,746 million Swiss francs in the Q3 was up by 5 per cent from what it was in the second quarter, as the business continued to execute its client-focused, capital-efficient strategy and maintain market share momentum across products and regions.