On Thursday, Credit Suisse said that its profit during the third quarter more than doubled as the Switzerland based bank was able to benefit from gains in its business of fixed income and stronger equity underwriting in its investment bank.
The bank reported 1.03 billion in profit in Swiss francs, which is approximately $1.08 billion, which was up from a 454 million francs profit for the same period one year ago. The bank’s results exceeded expectations of analyst’s.
The strong quarter comes after the bank posted its biggest loss since the end of the financial crisis during the second quarter, which reflected a huge charge for a settlement of $2.6 billion where Credit Suisse admitted to helping citizens of the U.S. avoid taxes through hiding money in the bank’s accounts.
Revenue was up 20% to more than 6.54 billion francs during the months July through September.
Like a number of rivals in investment banking, Credit Suisse has reduced the size or shed some businesses over the past year to lower risk and meet tighter regulatory rules in Switzerland.
Within its business lines, the bank considers strategic moving forward, net income was up 13% to 1.12 billion francs for the quarter.
Overall, the operating expenses were up 10% to more than 5.17 billion francs, compared to 4.71 billion francs for the same period one year ago.
In wealth management and private banking division, income before taxes fell by 7% to just over 942 million francs during the quarter, which was down from last year’s third quarter of 1.01 billion francs.
However, income before taxes was 8% higher to more than 871 million francs for its strategic business in that division.
Credit Suisse attracted over 7.4 billion francs of new money, which is a key gauge for analysts.
That was 27% down from this year’s second quarter as well as almost 9% lower than the same quarter one year ago.
