Credit Suisse has rebounded from large losses at the start of the year to post a better than estimated CHF 1.2bn (£580m) profit in Q2.
While second quarter net income is well down on the CHF 3.2bn recorded in the same period last year, it is much improved on the CHF 2.1bn loss in Q1 2008.
The firm’s CHF 22m write-down in leveraged finance and structured profits in Q2 is also a far cry from the CHF 5.3bn hit incurred in the first quarter.
Credit Suisse CEO Brady Dougan says the company continues to reduce its risk positions, as it has done since the early stages of the credit crisis.
“At a time when the industry is undergoing fundamental change, our strength in the right mix of businesses provides us with excellent prospects to grow market share,” he says.
“We anticipate that the current challenging market conditions will persist over the near to medium term and we will continue to manage our business conservatively.”IFAonline
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created