Credit Suisse posts 3Q profit more than double from year ago

MarketsAssociated Press

Credit Suisse Group has posted a third-quarter profit that is more than double from a year ago, benefitting from cost cutting, emerging markets and services for wealthy clients.

Switzerland's second-largest bank says it had a profit of 1.025 billion Swiss francs ($1.07 billion), a huge jump from the 454 million francs it posted for July-to-September 2013.

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In a financial statement Thursday the Zurich-based group attributed the results to continued cost cutting drives, stable revenues, and strong results in emerging markets for both its investment banking and wealth management divisions.

Chief Executive Brady Dougan said the bank's "momentum with clients across both divisions remained strong."