(MENAFN– ecpulse)
Credit Suisse, the second-biggest bank in Switzerland reported that net income climbed to 1.05 billion Swiss Francs, 33% higher from 788 million francs a year ago, beating analysts` median estimate of 1.03 billion francs.
The rise in net income was attributed to the investment bank`s cost-cutting strategy. The Swiss Bank completed more than 60% of 4.4 billion francs in costs cuts planned by the end of 2015 by eleminating jobs and reorganizaing businesses at the investment ban.
The bulk of future savings will come from provate banking and wealth management as well as streamlining shares services, Cheif Executive Officer Brady Dougan said last month.
Credit Suisse said pretax profit doubled in the first quarter, to 754 million francs from 314 million francs a year ago, while revenue jumped 24%.
As of 03:32 a.m. EST on Thursday, Credit Suisse fell 1.90%, or 0.54 points, to 27.86 francs.
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