Credit Suisse on Thursday reported third-quarter net profit above analyst forecasts as investment banking revenue rose.
Net profit for the July-September period came in at 1.025 billion Swiss francs ($1.073 billion), against the average 810 million Swiss francs forecast by analysts in a poll conducted by Reuters. In the second quarter, the group posted a steep loss after it was forced to pay a U.S. fine.
The group said its investment banking results reflected stronger profitability and returns, as well as increased client activity.
"Our strong results in fixed income trading, especially in emerging markets and securitized products, and in equity underwriting were driven by significant client transactions," CEO Brady Dougan said in a statement.
The start to October had been mixed, the group said, with recent volatility benefiting some businesses, although it hurt some others. It was cautious on the final quarter, saying it had a strong advisory and underwriting pipeline but the pace of execution would depend on market conditions.
The Zurich-based group pleaded guilty earlier this year to helping thousands of U.S. clients evade paying taxes to the U.S. government and agreed to pay a $2.6 billion fine.