Credit Suisse: beats expectations in Q3.
(CercleFinance.com) - The CS Group share is currently up 2%, the leader in the SMI index, after Swiss bank published of net profit that was up at 244 million Swiss francs, beating the consensus of about 200 million Swiss francs.
On an adjusted basis, the pre-tax profit increased by 90% to 620 million Swiss francs, with the 2% fall in net income to 5 billion Swiss francs, more than offset by a 9% contraction in operating costs to 4.4 billion Swiss francs.
The shift of the group's business towards wealth management, at the expense of market activities, seems to be starting to bear fruit, Aurel BGC points out, adding that Credit Suisse delivers a fairly optimistic outlook.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
On an adjusted basis, the pre-tax profit increased by 90% to 620 million Swiss francs, with the 2% fall in net income to 5 billion Swiss francs, more than offset by a 9% contraction in operating costs to 4.4 billion Swiss francs.
The shift of the group's business towards wealth management, at the expense of market activities, seems to be starting to bear fruit, Aurel BGC points out, adding that Credit Suisse delivers a fairly optimistic outlook.
Copyright (c) 2017 CercleFinance.com. All rights reserved.