July 24, 2009
Key Words: Credit Suisse, profit, rise
SWISS bank Credit Suisse Group yesterday reported a 29 percent increase in second-quarter net profit after a strong performance in its investment unit drove up core revenues.
The net profit of 1.57 billion Swiss francs (US$1.41 billion) compared with 1.22 billion francs in the same quarter last year and matched most analysts' expectations.
Credit Suisse noted that the results included one-time charges, legal costs and tax benefits, without which net profit in the second quarter would have been 2.5 billion francs.
Credit Suisse settled a dispute last month with Huntsman Corp over claims the bank scuttled a US$6.5 billion buyout of the US-based chemicals maker.
"Our reduced-risk business model is providing the basis for more sustainable, high-quality, lower volatility earnings," Chief Executive Brady W. Dougan said in a statement.
Investment banking made a profit of about 1.66 billion francs before tax.
Profit in private banking dropped 23 percent to 935 million. Wealth management saw a similar decline to 662 million francs before tax.