Credit Suisse Profit Falls
03 November 2016 - 5:41PM
Dow Jones News
By John Letzing
ZURICH--Credit Suisse Group AG reported a third-quarter profit
of 41 million Swiss francs ($42.2 million) on Thursday, compared
with a profit of 779 million francs in the same period last year,
as the bank's revenue fell 10%.
Zurich-based Credit Suisse began a broad strategic shift roughly
one year ago, just as markets were souring and clients began to
hold back on investments and trades that can generate fees for the
bank. In addition, low and negative interest rates have continued
to curb revenue growth for Credit Suisse and its peers.
Credit Suisse said on Thursday that its net revenue fell
compared with the same period last year to 5.4 billion francs in
the quarter.
Analysts had expected a net loss of 174 million francs, and 5.1
billion francs in revenue in the period.
The bank's key capital ratio, a measure of its stability, was
12% in the quarter, compared with 10.2% in the period last
year.
Write to John Letzing at john.letzing@wsj.com
(END) Dow Jones Newswires
November 03, 2016 02:26 ET (06:26 GMT)
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