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October 23, 2009

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Swiss bank sees US$2.37b net in Q3

SWISS bank Credit Suisse Group reported yesterday a net profit of 2.4 billion Swiss francs (US$2.37 billion) for the third quarter, helped by strong returns on financial market trading and investment banking.

The figure exceeded analysts' predictions and compared with a 1.26 billion franc loss during the same period a year ago.

The bank said its return on equity attributable to shareholders was 25.1 percent in the quarter and that it attracted total net new assets of 16.7 billion francs in the period.

"Our third-quarter performance, including our strong return on equity ... shows that our approach continues to work well and is providing the foundation for sustainable, high-quality, lower volatility earnings," said Chief Executive Brady W. Dougan.

Dougan said Credit Suisse has accelerated since last year the implementation of its client-focused business model that reduces risk.

The company has a Tier 1 ratio of 16.4 percent and is positioned to prosper in the new competitive landscape, he said. Brady and Chairman Hans-Ulrich Doerig said in a letter to shareholders that the bank's capital position was among the best in the industry.

"Our third-quarter performance complemented a strong first half of the year," said Dougan and Doerig.

The bank said its net revenues for the quarter were 8.9 billion francs, 195 percent higher than the 3 billion francs for the same period last year.

It said its private banking business had a pretax income of 867 million francs in the quarter, with inflows in global and Swiss businesses.


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