Credit Suisse 3Q Net Profit Soars, Beating Forecasts
November 02 2017 - 2:54AM
Dow Jones News
By Pietro Lombardi
Credit Suisse Group AG (CSGN.EB) said Thursday that its
third-quarter net profit soared, exceeding analysts'
expectations.
The Swiss bank's net profit grew to CHF244 million ($243.8
million) compared with CHF41 million in the same period last
year.
Analysts expected Credit Suisse to post net profit of CHF211
million, according to a consensus forecast provided by the
bank.
Revenue declined 7.9% on year to CHF4.97 billion. Analysts had
expected revenue of about CHF4.98 billion, according to
FactSet.
Credit Suisse said it generated cost savings of about CHF400
million in the third quarter, taking nine-month cumulative cost
savings to about CHF1 billion. The bank said it is confident that
it will finish the year with cost savings under its CHF18.5 billion
target.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 02, 2017 02:39 ET (06:39 GMT)
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