Credit Suisse posts 79 percent rise in 3Q profit - FOX 8 WVUE New Orleans News, Weather, Sports

Credit Suisse posts 79 percent rise in 3Q profit


GENEVA (AP) - Credit Suisse Group has posted a 79 percent increase in third-quarter profit compared with last year, based on what it calls strong results from private banking and wealth management.

Switzerland's second-largest bank, which has shed employees and cut other costs 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.

The Zurich-based bank said in a statement Thursday it had net revenue of 3.32 billion francs in its private banking and wealth management, roughly in line with the comparable quarter a year earlier.

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."

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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