Swiss private banking giant Credit Suisse Group has posted a net income attributable to shareholders of CHF244m for the third quarter of 2017, a jump of 495% compared to CHF41m a year ago.

Net revenues were CHF4.97bn, down 8% from CHF5.39bn in the year ago quarter. Total operating expenses dropped 11% to CHF4.54bn from CHF5.12bn a year earlier.

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The group’s Swiss Universal Bank (SUB) division posted income before taxes of CHF426m for the third quarter of 2017, a slump of 44% compared with CHF758m in the corresponding year ago quarter. The unit’s net revenues plummeted 21% to CHF1.32bn from CHF1.66bn last year.

The International Wealth Management (IWM) unit posted a pre-tax income of CHF355m for the third quarter of 2017, a surge of 45% compared with CHF245m in the year ago quarter. Net revenues increased 17% year-on-year to CHF1.26bn.

The Asia Pacific (APAC) Wealth Management & Connected business (WM&C) reported a 14% rise in net revenues and an 82% surge in pre-tax income year-on-year for the third quarter of 2017.

Credit Suisse CEO Tidjane Thiam said: “Our 3Q17 results demonstrate the progress we are making in creating positive operating leverage with Group adjusted pre-tax income up 90% year on year and driving significantly higher profitability across the Group.

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“While the outlook for global economic growth has continued to improve, uncertain geopolitical developments, central bank policies and the magnitude and timing of reforms in the US, as well as historically low levels of volatility, have impacted client activity levels, which remained muted. In addition, activity levels in the third quarter of 2016 were unusually strong due to the combination of the effects of Brexit and the US elections.”