Credit Suisse reports nearly 6-fold rise in 3Q net profit

GENEVA – Credit Suisse has reported a nearly six-fold jump in third-quarter net profit behind a “very strong” performance by its wealth management business amid continued cost savings and a restructuring plan at the Swiss bank.

The Zurich-based bank predicted strong global economic growth in the fourth quarter that could underpin its results despite political uncertainty.

Net income rose to 244 million Swiss francs (dollars) in the third quarter, up from 41 million a year earlier. Adjusted net revenues fell 2 per cent to 5 billion francs.

Credit Suisse said Thursday its deal pipeline has a “substantial backlog,” and expects its wealth management business to remain strong.

The bank is over halfway through a three-year restructuring plan under CEO Tidjane Thiam, and reaped about 400 million francs in cost savings in the quarter.