The bank was able to release provisions for loan losses.
(Photo: Reuters)
Zurich The cost of settling bribery and fraud proceedings and higher tax expenses brought about a decline in earnings for Credit Suisse in the third quarter. Net profit fell in the period from July to September compared to the same period last year by 21 percent to 434 million francs, as the second largest Swiss bank announced on Thursday.
In a survey compiled by the bank itself, analysts had expected an even greater drop in profit to 314 million francs. Before taxes, the quarterly result climbed by 26 percent to 1.01 billion Swiss francs. The bank was also helped by the fact that it was able to release provisions for credit risks.
For the final quarter, Credit Suisse is forecasting a net loss: The institute intends to make a write-down of around 1.6 billion Swiss francs for its remaining investment banking activities.
More: Shadowing scandal: Financial regulators certify Credit Suisse “serious violations of supervisory law”
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