Credit Suisse reports 42% increase in Q3 earnings
Credit Suisse recorded a 42% increase in quarterly net income compared to last year, benefiting from strong financial markets and increased client activity.
Net income for the third quarter was CHF 1.9 billion, compared to CHF1.3 billion last year. Basic earnings per share were CHF1.67. A favorable market encouraged high earnings in certain areas, according to the company.Revenue from private banking jumped 42% to CHF728 million, driven by strong asset and transaction based revenues. Wealth and asset management generated net income of CHF101 million in the third quarter of 2005, an increase of 237% versus the third quarter of 2004, due primarily to higher revenues in key areas. Oswald J Grubel, CEO of Credit Suisse, said: The third-quarter result was satisfactory, as our group benefited from increased levels of client activity and the active market environment. This was demonstrated by the substantial increase in our net income versus the third quarter of last year. Credit Suisse Group predicted higher interest rates and increased market volatility for the fourth quarter of 2005, but has not given an earnings per share prediction.
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