Profits up 17% at Credit Suisse

2 August 2007

Credit Suisse has posted second-quarter net profits of $2.66 billion - a 17 per cent increase from they year ago period's figure of $1.79 billion.

The Swiss bank's performance is significantly better than had been expected, with Reuters' analysts previously predicting a return of $1.91 billion.

Revenue, meanwhile, increased to $9.72 billion during the quarter, up from $6.68 billion.

The improved performance was attributed principally to a 70 per cent increase in revenue from investment banking to $6.26 billion and higher income from the private banking segment of $940 million - a rise of 23 per cent.

Credit Suisse chief executive Brady Dougan, said: "I am particularly pleased with our performance given the fact that we had more challenging conditions in some markets, which we expect to continue."

Mr Dougan also announced that the company expects to complete its ongoing $6.64 billion share buyback in 2008, having initially set a target of 2010.

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