Credit Suisse Reports $1.5 Billion Profit, Beats Street (CS)

Credit Suisse CS reported Thursday a profit of 1.6 billion Swiss francs ($1.52 billion) against the Street estimate of 1.23 billion Swiss francs. Reuters reports that "Credit Suisse was able to continue to attract money from wealthy clients, albeit at a slower pace than in the previous quarter, and reduced client activity hit its gross margins." "It's pretty fair to say that the third quarter has been not dissimilar in terms of market conditions than the second quarter," said Chief Operating Officer David Mathers, the head of finance of the investment banking division who will take over as chief financial officer on October 1. The Reuters report notes that "Weak fixed-income trading dragged Credit Suisse's second-quarter net profit down even as the bank managed to beat analysts' forcasts thanks to stable equities and helped by tax gains." Shares of Credit Suisse are down over 1% in pre-market trading.