Broad-based growth across private and investment banking alongside reduced credit loss provisions drove Credit Suisse’s profits higher in the third quarter.
Credit Suisse posted 1.362 billion Swiss francs in pre-tax income for the third quarter, according to its latest results, marking a 25 percent year-on-year increase.
This was driven by a 5 percent increase in net revenue – including 3 percent for wealth management and 10 percent for investment banking – alongside a net release of 144 million Swiss francs compared to a 94 million Swiss franc hit in the same period last year.
Greensill Update
Credit Suisse also provided an update with regards to the collapse of Greensill-linked supply chain funds, underlining that cash paid out and current cash and cash equivalents have totaled around 70 percent of the funds’ net asset value as of February 25 with investors receiving around $6.3 billion as of September 30.
«We continue to file insurance claims through the filing process with Greensill Bank; further claims are being prepared,» the bank said.
«Finally, we are actively engaged with private bank investors in the [supply chain finance funds matter] to offer a waiver on certain fees for the bank’s services.»
