Credit Suisse: on track to reach targets after third-quarter

(CercleFinance.com) - Credit Suisse sees itself on track to reach its 2018 targets after third-quarter pre-tax income jumped 38%, thanks to tight cost control.


The Swiss bank's adjusted pre-tax income rose to 856 million Swiss francs in the past quarter, from 620 million Swiss francs a year ago, making it the strongest third quarter since 2014 on an adjusted basis.

The bank's key investment banking division had a particularly strong third quarter, with adjusted pre-tax income up 67% to 90 million dollars.

Likewise, net new money in the wealth management unit reached 10.3 billion Swiss francs.

Most importantly, driven by CEO Tidjane Thiam, Credit Suisse had its lowest quarterly adjusted costs in the last five years.

Saying that its outlook remains "positive," the group remains on track to achieve its 2018 target of cumulative net cost savings of over 4.2 billion Swiss francs.

However, investors were not particularly impressed by the news: the CS Group share was down 3.7% in early trading in Zurich this morning.

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