(Source: Associated Press/AP Online)
ZURICH, Switzerland - Credit Suisse Group reported a 2.4 billion Swiss franc ($2.4 billion) net income during the third quarter Thursday as it continued strengthening its position following losses caused by the economic crisis.
The profit exceeds analysts' predictions and compares with a 1.26 billion franc ($1.08 billion) loss during the same period a year ago.
The bank said its return on equity attributable to shareholders was 25.1 percent in the quarter and that it attracted total net new assets of 16.7 billion francs in the period.
"Our third-quarter performance, including our strong return on equity of 25.1 percent, shows that our approach continues to work well and is providing the foundation for sustainable, high-quality, lower volatility earnings," said Chief Executive Brady W. Dougan.
Brady said Credit Suisse has accelerated the implementation of its client-focused business model that reduces risk.
He said the company has a Tier 1 ratio of 16.4 percent and is positioned to prosper in the new competitive landscape.
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