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Credit Suisse posts 63 %drop in 3Q profit

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AP

2012-10-25

Credit Suisse Group has posted a 63 per cent decline in third-quarter net profits over a year ago in the same quarter.

Switzerland's second-biggest bank says it had net profits of 254 million Swiss francs ($A264 million) between July and September, compared with 683 million francs in the comparable period of 2011.

The company attributed the decline to an accounting charge on the bank's own debt.

The Zurich-based bank said in a statement on Thursday before the opening of the Zurich exchange that it intends cutting another 1 billion francs in costs in 2014 and 2015, on top of 3 billion francs in previously announced cost-cutting measures it plans to have achieved by the end of next year.

Chief Executive Brady Dougan said the bank has "significantly cut costs and improved efficiencies" while also reducing risks and strengthening its capital cushion.