Credit Suisse profits slump 74%

21 October 2010

Profits at Credit Suisse fell 74 per cent in the third quarter of 2010, it has been revealed.

The bank made 609 million Swiss francs ($630 million) during the period, considerably down on the 2.4 billion francs it earned in the same quarter last year.

Brady Dougan, chief executive of Credit Suisse, defended the results as decent in a difficult period for market activity.

"Delivering underlying net income of one billion Swiss francs was a solid result in a quarter characterized by challenging conditions with low market volumes and subdued client activity," he said.

Investment banking was one area of business to suffer, with revenues down by 30 per cent as a result of limited activity in the equity advisory and underwriting units.

Last month, Credit Suisse announced it is expanding its wealth management operations in India, stating that it is targeting the country as a key market for growth.

By Asim Shah

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