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Credit Suisse doubles Q3 profit

October 23, 2014

Swiss banking giant Credit Suisse has made a major comeback since its fall from grace in May, when it paid a record fee for aiding tax evaders. The bank announced it had doubled quarterly profits on the year.

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Credit Suisse logo
Image: Reuters

Credit Suisse, Switzerland's second-largest bank, more than doubled its year-on-year net profit in the third quarter, buoyed by improved earnings from its investment banking segment and company-wide cost cutting.

The lender logged 1.025 billion Swiss francs ($1.07 billion,845,000 euros) in net profit from July to September as trade with bonds and currencies took off, Credit Suisse told reporters in Zurich on Thursday. The bank earned 454 million francs at the same time last year.

It said investors who had been reorganizing their portfolios in reaction to turbulent capital markets had steered major profits back to the bank, which had reinvigorated its investment banking business and hired 400 new employees since last quarter.

Profit from investment banking more than doubled to 516 million francs, thanks to what CEO Brady Dougan referred to as "robust client activity across many of our businesses."

The results marked a dramatic improvement over the last quarter, when Credit Suisse agreed to pay a hefty fine for helping wealthy Americans dodge taxes through secret offshore accounts.

The bank was fined some $2.6 billion by the US government - the highest punitive charges ever imposed in a US criminal tax case. After that, the bank logged a net loss of 700 million francs.

cjc/hg (AP, dpa)