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Credit Suisse says introducing measures to deal with strong franc
February 12, 2015 / 5:52 AM / in 3 years

Credit Suisse says introducing measures to deal with strong franc

ZURICH (Reuters) - Swiss bank Credit Suisse CSGN.VX said on Thursday it is introducing a number of measures to deal with the strong Swiss franc, as fourth-quarter net profit beat analysts’ estimates.

A national flag of Switzerland flies in front of a branch office of Swiss bank Credit Suisse in Luzern October 30, 2014. REUTERS/Arnd Wiegmann

“Based on 2014 earnings, we estimate the net adverse impact on our profit to be approximately 3 percent and expect to more than offset this impact through the announced measures by end-2017,” Chief Executive Brady Dougan said in a statement.

Zurich-based Credit Suisse said net profit for the last three months of 2014 was 921 million Swiss francs ($991.07 million), far exceeding expectations of 663 million francs in a Reuters poll of analysts.

Reporting by Joshua Franklin and Katharina Bart

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