Business News
Credit Suisse reports profit of 2.3 billion dollars in 3rd quarter
Oct 22, 2009, 6:12 GMT
Geneva - Credit Suisse Group reported Thursday 2.4 billion Swiss francs (2.3 billion dollars) in net income in the third quarter, topping expectations.
The bank said its tier 1 capital ratio, a regulatory measure of financial health, was at 16.4 per cent, a high ratio.
Total net new assets were 16.7 billion francs in the quarter to the end of September. Assets under management moved up 4.6 per cent from the second quarter to 902 billion francs.
At the investment bank, income before taxes reached 1.74 billion francs, up from the previous quarter.
Credit Suisse is the largest bank by market capitalization in Switzerland.
Regarding wealth management, Credit Suisse said that 'while client activity has picked up in selected areas, risk appetite has improved only moderately.'
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