Swiss bank Credit Suisse posted a near six-fold year-on-year rise in third-quarter net profit on Thursday, beating analyst expectations amid an ongoing restructuring plan.
Here are the key third-quarter metrics:
- Net income: 244 million Swiss francs ($244 million), vs. 224.6 million Swiss francs expected by Thomson Reuters poll.
- Revenue: 4.97 billion Swiss francs, vs. expected 4.94 billion Swiss francs, according to Thomson Reuters.
Switzerland's second-largest bank reported 244 million Swiss francs ($244 million) in third-quarter net profit. The results mark the first time the lender has posted three consecutive profitable quarters under the guidance of CEO Tidjane Thiam. It was also significantly above the 41 million Swiss francs reported for the same period last year.
The lender is currently in the second phase of its three-year restructuring program. It plans to focus on wealth management over investment banking and settle legal cases.
When asked about the bank's progress given it is now over halfway through its restructuring program, Credit Suisse's CEO said, "It doesn't happen overnight, it's a big restructuring but as far as restructuring's go, this one is really progressing at an enormous pace."
Credit Suisse's stock is significantly below the level when Thiam took over in 2015, and last month Swiss hedge fund RBR Capital Advisors called on the bank to break up into three parts in order to support the share price.