GENEVA (AP) -- Credit Suisse Group posted a 79 percent increase in third-quarter profit compared with last year, strong results Thursday that it said reflect the resiliency of its private banking and wealth management.
Switzerland's second-largest bank, which has shed thousands of employees in cost-cutting drives to boost profitability, reported a third-quarter profit of 454 million Swiss francs ($509 million), up from 254 million francs between July and September 2012.
But last year's third quarter result had been a sharp drop from the 683 million francs in the comparable period of 2011.
The Zurich-based bank said in a statement that it had net revenue of 3.32 billion francs in its private banking and wealth management in this year's third quarter, roughly in line with the comparable quarter a year earlier.
As of the end of this quarter, the bank said, it has cut costs by 3 billion francs so far from among the 4.4 billion francs in previously announced cuts — and announced it would raise that target to 4.5 billion francs.
Chief Executive Brady Dougan said the bank's "continued expense discipline and effective capital management mitigated the impact of challenging market conditions, characterized by low levels of client activity across many of our businesses."
Credit Suisse also has continued to improve its capital cushion and lower exposure to risks, he said, in line with new international and Swiss banking rules.
- Company Earnings
- Credit Suisse Group