Credit Suisse: profit surges, but 'headwinds' to persist
(CercleFinance.com) - Credit Suisse reported its 12th consecutive quarter of year-on-year earnings growth, despite a challenging market environment, the Swiss investment bank said on Wednesday.
The group made a net profit of 881 million Swiss francs in the third quarter, compared to 424 million Swiss francs in the same period last year.
Its net revenue rose by 9% to 5.3 billion Swiss francs in the past quarter, with asset management revenues up 12%.
Investment banking revenues, across markets and advisory, underwriting and financing activities, have also grown strongly, up 8%, CS said.
It has gathered record net new assets of 72 billion Swiss francs across the group year-to-date, it added.
While Credit Suisse believes that the long-term outlook remains "attractive" in wealth management, it also expects headwinds from the ongoing challenging geopolitical environment - in particular, the US-China trade dispute and Brexit, to persist.
The market didn't seem to like these comments, with the share down 3% in Zurich on Wednesday morning.
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