Credit Suisse says profits down in third quarter

Credit Suisse, Switzerland’s second-biggest bank, published a 38 per cent drop in its third-quarter net profit on Thursday amid a slowing of its international wealth management activities, missing analyst expectations.
But it acknowledged that its net profit during the third quarter had slumped by more than a third to 546 million Swiss francs (€510m). It stressed though that the comparative quarter in 2019 had been boosted by a 327 million franc windfall from the sale of its InvestLab fund platform to the Allfunds Group. The bank’s net revenue was down two per cent at 5.2 billion Swiss francs.

The results were well below the expectations of analysts polled by Swiss financial news agency AWP, who had anticipated seeing a net profit of 620 million Swiss francs on 5.3 billion in revenues during the quarter.
Credit Suisse’s results were especially dragged down by its international wealth management business, which saw its revenues plunge 20 per cent from a year earlier, due to a drop in investment revenues and “adverse foreign exchange and interest rate movements”.

The investment banking sector meanwhile saw revenues swell 11 per cent year-on-year as activities picked up again,...