(RTTNews) - Swiss banking major Credit Suisse Group AG (CS) reported Wednesday that its third-quarter net income attributable to shareholders climbed 108 percent to 881 million Swiss francs from last year's 424 million francs.
Pre-tax income grew 70 percent to 1.14 billion francs from 671 million francs last year.
The latest results were benefited by the revenue gain of 327 million francs on transfer of Credit Suisse InvestLab. Excluding this, pre-tax profit grew 21 percent to 815 million francs.:
Net revenues grew 9 percent to 5.33 billion francs from 4.89 billion francs a year ago. Excluding Credit Suisse InvestLab revenue, net revenues increased 2 percent to 5 billion francs.
Wealth Management businesses generated 12 percent increase in transaction and performance-based revenues, stable net interest income and recurring commissions & fees.
Asset Management revenues grew 12 percent with 11th consecutive quarter of year on year management fee growth
Global Investment Banking franchise revenues went up 8 percent on a US dollar basis with 34 percent rise in Global Markets revenues. Global Advisory and Underwriting revenues were down 18 percent.
Looking ahead, the company said, "As we head into the final quarter of 2019, we expect to see the usual seasonal slowdown as a result of the holiday season in many parts of the world. We also expect headwinds from the ongoing challenging geopolitical environment, most notably the US-China trade dispute and Brexit, to persist. This is likely to lead to more cautious capital expenditure and investment decisions, specifically looking forward to 2020 and 2021."
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