Zurich Based Credit Suisse Group Reports higher Net Profit
A much larger than expected profit report has been submitted by Zurich's Credit Suisse Group on Thursday.
Giving the Swiss banks a reason to look at things in an optimistic light even in today times of economic distress, the Suisse Group posted 2.35 Billion Swiss Francs worth of net profit, an equivalent of US $38 Billion, for 3 months up-to September 30. The figures have heavily surpassed the estimates put forward by analysts who stood firm at 1.72 Billion Francs.
Credit Suisse's positive results are being taken as further proof of the fact that the Swiss Bank has managed to safely sail through the economic crisis and now stands alongside the US banks such as JP Morgan and Chase and the likes.
Celebrating the profits, Credit Suisse said that it is confident of a strong position among all its competitors. "If markets remain constructive, we expect to be able to maintain our momentum," Chief Executive Brady Dougan said. "Even if markets become more difficult, we believe that Credit Suisse is positioned to perform well."
Despite Credit Suisse posting such positive profits, rival bank UBS AG is expected to remain in losses. Reports are expected on November 3, while Britain's Barclays PLC will issue reports on November 10.
