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Credit Suisse net profit surges, beating forecasts

Credit Suisse Group AG said Thursday its third-quarter net profit jumped on strong growth in wealth management, providing evidence that the Swiss banking giant's strategic shift toward managing wealthy clients' money is paying off.

The bank's net profit grew to 244 million francs ($244.2 million) compared with 41 million francs in the same period a year earlier. Analysts expected Credit Suisse to post net profit of 211 million francs, according to a consensus forecast provided by the bank.

Assets under management hit a record high last quarter of 751 billion francs.

Credit Suisse said pretax income from its international wealth management unit grew 59% last quarter from the previous year to 382 million francs, driven by strong growth in Asia. It saw net new assets of 10.4 billion francs, up 8% on the year.

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