Credit Suisse reports $1.52bn profit

22 July 2010

Credit Suisse has recorded a profit of 1.6 billion Swiss francs ($1.52 billion) for the second quarter of 2010.

The income figure was built on core net revenues of 8.4 billion Swiss francs during the three month period.

Its private banking division recorded pre-tax profits of 0.9 billion Swiss francs, with its investment banking unit making 0.8 billion.

Brady Dougan, chief executive officer of Credit Suisse, said it was a "resilient performance" by the financial institution during a difficult quarter for the banking sector as a whole.

"Despite the continuing macroeconomic uncertainty, in the first half of 2010 we achieved a return on equity of 20 per cent while making further substantial progress developing our businesses," he added.

Mr Dougan stated that the bank remains confident it has the correct strategy in place to be successful in the current, difficult economic climate.

In the first quarter of the year, Credit Suisse reported net income of 2.1 billion Swiss francs.

By Claire Archer

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