Credit Suisse has reported net income attributable to shareholders of CHF881m for the third quarter (Q3) of 2019.

This is a two-fold increase compared to last year’s income of CHF424m. The growth is said to have been driven by the divestiture of its InvestLab funds platform to Allfunds and the lack of restructuring expenses.

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Net revenues for the quarter ended 30 September 2019 were CHF5.32bn, up 9% from CHF4.89bn.

Total operating expenses reduced 1% over the period to CHF4.11bn.

Credit Suisse CEO Tidjane Thiam said: “During the third quarter of 2019, we continued to implement our strategy of being a leading wealth manager with strong investment banking capabilities.

“We have continued, in a challenging environment, to grow our wealth management franchises, increasing our revenues and gathering record net new assets of CHF 72 billion across the Group year to date.

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“Our Global Investment Banking3 revenues, across markets and advisory, underwriting and financing activities, have also grown strongly, up 8% year Media Release Zurich, October 30, 2019 Page 2 on year. Overall, we are reporting our 12th consecutive quarter of year on year positive operating leverage and profit growth.”

International Wealth Management

The International Wealth Management division of the bank registered pre-tax income of CHF539m in Q3 2019. This marks a 43% surge compared to CHF378m a year ago.

The unit’s net revenues increased 15% to CHF1.46bn from CHF1.26bn.

Swiss Universal Bank

Credit Suisse’s Swiss Universal Bank arm reported pre-tax income of CHF607m for the Q3 of 2019, a 19% surge from CHF511m last year.

Net revenues at the division rose 6% year-on-year to CHF1.42bn.

Asia Pacific

Pre-tax income at the bank’s Asia Pacific arm soared 40% over the period to CHF247m from CHF176m.

The unit’s net revenues of CHF886m were 9% higher than the previous year.