Markets News

Credit Suisse Q3 net profit falls 38%, misses estimates

ZURICH, Oct 29 (Reuters) - Credit Suisse Group AG on Thursday posted a 38% fall in third-quarter net profit, missing estimates, as a surge in investment banking failed to offset a slowdown in wealth management while a one-off boost last year left this year’s figure looking flat.

Profit reached 546 million Swiss francs ($601.98 million) in July-September. That compared with the 572 million franc median of 17 analyst estimates compiled by the Swiss bank.

A year earlier, Credit Suisse received a 327 million franc revenue boost from the sale of its InvestLab fund platform. ($1 = 0.9070 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Christopher Cushing)