Credit Suisse has reported a net income of CHF434m ($476m) for the third quarter ended 30 September 2021, a 21% decrease compared to CHF546m ($598m) for the same quarter last year.
The bank reported a pre-tax income of CHF1bn for the third quarter (Q3) 2021, a 26% rise compared to CHF803m for the corresponding quarter in 2020.
Its net revenues for the reported period were CHF5.4bn, a 5% increase compared to CHF5.2bn for the same period last year.
The firm’s wealth management business generated net revenues of CHF3.2bn for Q3 2021, a 3% increase compared to CHF3.1bn for the same period in 2020.
The investment bank reported net revenues of $2.4bn for Q3 2021, a 10% increase compared to $2.2bn for the corresponding quarter last year.
Credit Suisse Group chief executive officer Thomas Gottstein said: “Credit Suisse reported strong third-quarter pre-tax income and a CET1 ratio of 14.4%.
“We have also taken decisive actions to strengthen our overall risk & controls foundation, continued our remediation efforts on the Supply Chain Finance Funds matter, with our priority to return cash to investors, and made significant progress in resolving legacy issues.
“Our objectives are clear: we want to become a stronger, more customer-centric bank that puts risk management at the very core of its DNA to deliver sustainable growth for investors, clients and colleagues.”
In a separate development, Credit Suisse has announced its restructuring strategy that focuses on its integrated model, sustainable growth, and risk management.
According to the restructuring plan, the company will be reorganised into four divisions, Wealth Management, Investment Bank, Swiss Bank and Asset Management.
Its operations will be reorganised across four geographic regions, Switzerland, Europe, Middle East and Africa (EMEA), Asia-Pacific (APAC) and Americas.
Credit Suisse intends to consolidate its Wealth Management operations worldwide, with around 25% additional capital allocation by 2024, to advance the growth.
It will create a single global Investment Bank franchise across all four regions by combining the APAC and Swiss Investment Banking and Capital Markets business (IBCM).
Credit Suisse board of directors chairman António Horta-Osório said: “The measures announced today provide the framework for a much stronger, more client-centric bank with leading businesses and regional franchises.
“Risk management will be at the core of our actions, helping to foster a culture that reinforces the importance of accountability and responsibility.”
