Credit Suisse said on Thursday it would target an extra 1 billion Swiss francs ($1.07 billion) of cost savings by 2015, after third-quarter net profit shrank by more than half.

The Zurich-based bank posted net profit of 254 million francs, down from 683 million francs year-ago. Analysts polled by Reuters expected third-quarter net profit to fall to 370 million francs, including roughly 1 billion in credit losses.

Credit Suisse is selling prime Swiss real estate, issuing convertible bonds and slashing spending, part of a raft of measures announced in July aimed at raising capital by 15.6 billion francs ($16.72 billion) after urgings by the Swiss central bank.

(Reporting By Katharina Bart)