RTTNews | Nov 4, 2021 02:03AM EDT

02:03 Thursday, November 4, 2021 (RTTNews.com) - Swiss lender Credit Suisse (CS) reported Thursday that its third-quarter net income attributable to shareholders fell 21 percent to 434 million Swiss francs from last year's 546 million francs.

Pre-tax income was 1.01 billion francs, a growth of 26 percent from prior year's 803 million francs.

On an adjusted basis, excluding significant items and Archegos, pre-tax income was 1.36 billion francs, compared to 1.09 billion francs.

Net revenues for the quarter grew 5 percent to 5.44 billion francs from last year's 5.20 billion francs. Adjusted net revenues went up 6 percent from last year to 5.50 billion francs, driven by higher net revenues across IB, AM and SUB, partly offset by lower net revenues in IWM.

Looking ahead, the company said it expects to see a further reduction in market volumes for the remainder of 2021 as the trading environment normalizes compared to the elevated levels seen in 2020, particularly as central banks begin to signal the end of the monetary support provided during the COVID-19 crisis.

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