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Profits of Swiss bank Credit Suisse soar in Q3
Last Updated: 2017-11-03 15:00 | Xinhua
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Switzerland's second-biggest bank, Credit Suisse, said Thursday its net profit soared to 244 million Swiss francs (244 million U.S. dollars) in the third quarter (Q3), up from 41 million francs a year earlier, showing its restructuring is paying off.

"We expect global economic growth to remain strong overall in the fourth quarter, which could be a significant tailwind for our activities in spite of continuing geopolitical uncertainty," said Tidjane Thiam, the bank's chief executive officer (CEO).

"Our results demonstrate the progress we are making," said Thiam, who took over as CEO in 2015.

He noted the results came in the seventh quarter of a major restructuring program that show the progress the bank is making to drive profit higher across the group.

The Asia Pacific region for the group delivered its strongest third-quarter performance since 2014, with adjusted pre-tax income of 228 million Swiss francs, up 30 percent from the same period a year earlier.

International wealth management also showed an upward change in profitability as the adjusted pre-tax income climbed 59 percent from a year earlier to 382 million in the third quarter.

Assets under management jumped 12 percent from the same quarter last year to a record 751 billion Swiss francs.

Thiam said the outlook for global economic growth had continued to improve, but there were uncertain geopolitical developments, central bank policies and the magnitude and timing of reforms in theUnited Statesas well as high levels of volatility.

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