Credit Suisse Profit Falls

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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