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Credit Suisse Q3 net profit falls 21%, sees Q4 loss -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Credit Suisse signs are visible on the facade of the Americas headquarters, New York City’s Manhattan borough. September 1, 2015. REUTERS/Mike Segar

ZURICH (Reuters). Credit Suisse (SIX: ) saw a 21% decline in its third-quarter net profits to 434 millions Swiss francs ($476m). The company was hit by an increased tax rate and a 214million Swiss franc cost to resolve corruption allegations surrounding loans it arranged to Mozambique.

It said it expected an impairment in the fourth quarter of around 1.6 billion Swiss francs in respect of the remaining investment bank-related goodwill on its balance sheet, which primarily relates to the Donaldson, Lufkin & Jenrette acquisition in 2000, and thus expected to report a net loss in the fourth quarter.

($1 = 0.9122 Swiss francs)

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