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

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FILE PHOTO: A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City

ZURICH – Credit Suisse posted a 21% fall in third-quarter net profit to 434 million Swiss francs ($476 million), hit by a higher tax rate and a 214 million Swiss franc charge to settle allegations of corruption surrounding loans to Mozambique it helped arrange.

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)

(Reporting by Michael Shields, editing by Silke Koltrowitz)