Credit Suisse doubles Q3 net profit

Credit: REUTERS/Mike Segar

Credit Suisse on Wednesday said it had more than doubled its third-quarter net profit to 881 million Swiss francs ($886.94 million), as it boosted revenues in its flagship wealth management business and in trading and saw gains from the transfer of its InvestLab fund platform to Allfunds Group.

ZURICH, Oct 30 (Reuters) - Credit Suisse CSGN.S on Wednesday said it had more than doubled its third-quarter net profit to 881 million Swiss francs ($886.94 million), as it boosted revenues in its flagship wealth management business and in trading and saw gains from the transfer of its InvestLab fund platform to Allfunds Group.

The 108% net profit rise put earnings ahead of expectations in the bank's own consensus forecast for 751 million francs.

"We have continued, in a challenging environment, to grow our wealth management franchises, increasing our revenues and gathering record net new assets of 72 billion Swiss francs across the Group year to date," Chief Executive Tidjane Thiam said in a statement.

($1 = 0.9933 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi, editing by John Revill)

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