Credit Suisse Group has posted a 79 per cent increase in third quarter profit. Source: AAP
CREDIT Suisse Group has posted a 79 per cent increase in third-quarter profit compared with last year, based on what it calls strong results from private banking and wealth management.
Switzerland's second-largest bank, which has shed employees and cut other costs to boost profitability, reported a third-quarter profit of 454 million Swiss francs ($US509 million), up from 254 million francs between July and September 2012.
The Zurich-based bank said in a statement on Thursday it had net revenue of 3.32 billion Swiss francs in its private banking and wealth management, roughly in line with the comparable quarter a year earlier.
Chief Executive Brady Dougan said the bank's "continued expense discipline and effective capital management mitigated the impact of challenging market conditions, characterized by low levels of client activity across many of our businesses."
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