ZURICH-- Credit Suisse Group AG reported third-quarter net
profit of 1.025 billion Swiss francs, a performance that was ahead
of analysts" expectations.
The Swiss bank said net revenue was 6.54 billion Swiss francs,
also ahead of market expectations.
Analysts had expected Credit Suisse to post a profit of 859
million Swiss francs for the quarter.
However, the bank said net new assets fell to 7.4 billion Swiss
francs, down 8.6% from 8.1 billion Swiss francs at the end of the
third quarter last year.
Credit Suisse has sought to streamline elements of its private
banking business, and maintain a significant investment bank while
adhering to relatively strict regulatory demands in Switzerland.
The Zurich-based bank is also navigating out of a first half of the
year that saw it reach costly resolutions to legal issues in the
U.S., including a $2.6 billion settlement for aiding American tax
evasion.
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