GENEVA (AP) – Credit Suisse’s profits more than doubled in the third quarter as Switzerland’s second-largest bank benefited from cost cutting, brisk business in emerging markets and the services it provides for wealthy clients.
Net profit rose to 1.025 billion Swiss francs ($1.07 billion) in the July-September period from 454 million francs a year earlier, the bank said Thursday.
“We delivered a good performance,” said CEO Brady Dougan of both the investment banking and wealth management divisions.
Dougan said wealth management profits were aided by the cost cutting, but margins remain subdued and revenue was hurt by low interest rates. The investment banking, he said, showed “robust client activity across many of our businesses,” particularly with fixed income trading and equity underwriting.
The results are a significant improvement from the second quarter, when it booked a net loss of 700 million francs after paying the largest penalty ever imposed in a U.S. criminal tax case.