Credit Suisse Group, a provider of financial services, has reported net income of CHF1.3 billion, in the third quarter of 2007.
The net income posted by the group is down 11% from the third quarter of 2006. It has posted 26% increase in pre-tax income from private banking partly offset declines in investment banking and asset management.
Private Banking, which comprises the wealth management and corporate and retail banking businesses, has reported income from continuing operations before taxes of CHF1.29 billion for the third quarter of 2007, up 26% compared to the same period of 2006.
The wealth management business has reported income from continuing operations before taxes of CHF900 million for the third quarter of 2007, up 32% compared to the third quarter of 2006. The corporate and retail banking business reported a 15% rise in income from continuing operations before taxes to CHF 389 million in the third quarter of 2007
Brady Dougan, CEO of Credit Suisse Group, said: The extreme market conditions that characterized the third quarter affected many of our businesses. However, our global diversification and balanced business mix helped us mitigate the impact on our overall performance, maintain solid profitability and deliver a record result for the first nine months of the year.