Credit Suisse reported lower-than-expected net income results for the third quarter of the year, after a challenging summer and increased volatility in emerging markets.
Net income stood at 424 million Swiss francs, a 74 percent increase from a year ago. However, the numbers missed analysts’ forecast of 449 million Swiss francs, according to data from Reuters.
Credit Suisse had reported a net income of 244 million Swiss francs in the third quarter of 2017.
Here are some of the key highlights of the third quarter:
- Net revenues hit 4.8 billion Swiss francs versus 4.9 billion Swiss francs a year ago.
- Total operating expenses stood at 4.1 billion Swiss francs versus 4.5 billion Swiss francs a year ago.
- CET 1 ratio of 12.9 percent versus 14 percent a year ago.
Speaking to CNBC, Tidjane Thiam, chief executive officer of Credit Suisse said the quarterly results were “good” and thanks to the restructuring process, done over the last couple of years, the bank managed to offset different challenges seen in the third quarter.
“I can tell you in a quarter like this, the old Credit Suisse would have lost hundreds of millions…Today we are making a profit,” Thiam told CNBC’s Geoff Cutmore.
In the financial statement, Credit Suisse explained that the third quarter had “much more challenging conditions and lower levels of client activity.”