Credit Suisse reveals Q2 profit

23 July 2009

Credit Suisse has posted a 29 per cent increase in profit for the second quarter.

The bank saw the figure increase to $1.47 billion during the three-month period, while profit before tax rose to $1.55 billion.

An increase in revenue at its securities business was cited as reason for the improved performance and Brady Dougan, American chief executive, noted that the bank is well positioned regardless of the future of the economy.

"If markets continue to improve we expect to see further momentum across our businesses, and if markets become more difficult we believe that Credit Suisse is positioned to perform well," he remarked.

Mr Dougan added that challenges are likely to remain in the global economic environment, but stated that the bank's "stability" makes it an attractive option for clients.

The results contrast with those of Morgan Stanley, which this week announced a loss of $159 million for the second quarter.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development