Swiss banking giant Credit Suisse yesterday posted a third consecutive quarterly profit of 2.4 billion Swiss francs (US$2.37 billion), a 50 percent jump on the previous quarter that largely beat analyst forecasts.
The profits were significantly higher than the SF1.7 billion forecasted by analysts polled by Swiss financial wire AWP.
They also marked a sharp turnaround from the SF1.3 billion loss incurred by the bank in the third quarter of last year, when it was mired in the financial crisis.
PHOTO: AFP
NEW ASSETS
Fresh deposits were also flowing into the bank, with net new assets rising to SF16.7 billion during the third quarter, compared with just SF3.6 billion during the same period last year.
The bank’s chief executive officer, Brady Dougan, said he was “confident about our business model and our competitive position.”
“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 still positioned to perform well,” he said.
Credit Suisse has been hurt by the financial crisis and said in December it would slash 5,300 jobs in a bid to cut costs.
However, it ended a losing streak this year and even its investment bank unit, which was blamed for incurring massive losses during the financial crisis, has been profitable for three consecutive quarters.
WELLS FARGO
In the US, Wells Fargo, based in San Francisco, said it earned US$2.64 billion, or US$0.56 per share, in the third quarter, beating analysts’ forecasts for US$0.37 a share.
US Bancorp reported a 4.7 percent increase in its third-quarter profit to US$583 million on Wednesday and said bad loans aren’t growing as fast as they were earlier this year.
Morgan Stanley, meanwhile, returned to profitability for the first time in a year as income from its investment banking operations offset losses in commercial real estate.
The New York-based bank earned US$498 million in the third period, after losing US$13.18 billion during the last three quarters combined.
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