Credit Suisse 3Q Net Profit Soars, Beating Forecasts

By Pietro Lombardi Features Dow Jones Newswires

Credit Suisse Group AG (CSGN.EB) said Thursday that its third-quarter net profit soared, exceeding analysts' expectations.

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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

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(END) Dow Jones Newswires

November 02, 2017 02:39 ET (06:39 GMT)