Credit Suisse's Q3 revenue down 2% to 5.2B Swiss francs

Thursday, 29. October 2020 07:10

Credit Suisse Group AG unveiled on Thursday its revenue for the third quarter of fiscal 2020 was at 5.2 billion Swiss francs, decreasing 2% year-over-year to miss estimates. Net income in the third trimester landed at 546 million Swiss francs, dropping 38% annually, while operating expenses grew 5% from the same period last year to 4.3 billion Swiss francs. The company reported the CET1 ratio at 13% in the third quarter, increasing from 12.5% recorded in the trimester prior.

The Swiss investment bank said it "expects to continue to benefit further from our focus on the resilient Swiss economy" in 2021, adding that "the interest rate environment should continue to support higher levels of financing demand."

"We have once again proven the strength of our diversified business and we are confident that the refinements that we announced over the summer will provide further momentum as we complete the restructuring measures," the company's CEO Thomas Gottstein said in a statement.

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