Economy

Credit Suisse posts big profit rise as activist circles

Credit Suisse posts big profit rise as activist circles”

Revenue: 4.97 billion Swiss francs, vs. expected 4.94 billion Swiss francs, according to Thomson Reuters.

Credit Suisse on November 2 reported an 80 percent year-on-year jump in pre-tax profit from continuing operations to 400 million Swiss francs for the third quarter, despite an 8 percent year-on-year decrease in net revenue to nearly 5 billion Swiss francs. It plans to focus on wealth management over investment banking and settle legal cases.

The results come amid calls from activist investor RBR Capital Advisors, a boutique Swiss hedge fund, to split up Credit Suisse into three parts.

Looking ahead to the rest of the year, Credit Suisse said it expects global economic growth to remain strong overall in the fourth quarter, "which could be a significant tailwind for our activities in spite of continuing geopolitical uncertainty".

In its earnings statement for the three months to September 30, Credit Suisse said adjusted pre-tax profits rose 90% year-on-year to 620m Swiss francs ($620m).

But he acknowledged that client activity remains "muted" as "uncertain geopolitical developments, central bank policies and the magnitude and timing of reforms in the United States, as well as historically low levels of volatility" have left their mark on business. Switzerland's largest bank, UBS, posted quarterly net profit of 946 million Swiss francs last week.

Credit Suisse's common equity Tier 1 capital ratio, assuming full implementation of Basel rules, was 13.2 percent at the end of September, down slightly from 13.3 percent at the end of June.



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