Credit Suisse Group, Switzerland’s second largest bank, has posted a 79 per cent increase in revenue for the third quarter.
Income from operations before tax increased to CHF 907 million from CHF 409 million.
The bank, which has been pushing down costs to drive profitability, said net income attributable to shareholders increased to CHF 454 million from CHF 254 million. Earnings per share was CHF 0.26 compared to CHF 0.16 the prior year.
Underlying core pre-tax income was CHFÂ 930 million compared to CHF 1.19 billion the prior year. Underlying net income attributable to shareholders was CHF 698 million compared to CHF 1.05 billion.
Chief Executive Officer Brady W. Dougan said: “In the third quarter of 2013, our continued expense discipline and effective capital management mitigated the impact of challenging market conditions, characterized by low levels of client activity across many of our businesses.”
He added: “Over the past two years we have taken significant steps to evolve our business model in response to the changing market and regulatory environment.”