ZURICH (Dow Jones)--Credit Suisse Group (CS) Thursday matched buoyant third-quarter results from its healthiest U.S. rivals as earnings from its investment banking business helped push it to a larger-than-expected net profit, though analysts cautioned that blowout profits may be coming to an end.
The Zurich-based bank said net profit for the three months was 2.4 billion Swiss francs ($2.38 billion) compared with a loss of CHF1.3 billion in the year-earlier period. Analysts had forecast net profit of CHF1.72 billion.
As an outlook, Credit Suisse said it is confident of its position among competitors and is prepared for several possible scenarios.
'If markets remain constructive, we expect to be able to maintain our momentum. Even if markets become more difficult, we believe that Credit Suisse is positioned to perform well,' Chief Executive Brady Dougan said in a statement.
The investment bank swung to a CHF1.75 billion pretax profit - more than twice the private bank's figure. A year earlier, the investment bank posted a pretax loss CHF3.21 billion.
In particular, global interest-rate products, foreign-exchange trading, prime brokerage, cash equities leveraged buyout loans and trading in U.S. residential mortgage securities and derivatives made a strong showing in the recent quarter."
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