Thursday, July 22, 2010

Credit Suisse posts net profit of US$1.52b

ZURICH: Credit Suisse Group posted net profit of 1.6 billion Swiss francs (US$1.52 billion) in the second quarter and core net revenues of 8.4 billion francs.

The return on equity attributable to shareholders was 17.8% in 2Q10 and diluted earnings per share were 1.15 francs. The tier 1 ratio was 16.3% at the end of 2Q10.

Analysts polled by Reuters had expected the bank to turn in net profit of 1.229 billion Swiss francs. Some had revised their expectations downwards after a sharp drop in profit at major U.S. banks.

Its chief executive officer Brady W. Dougan described it as a resilient performance during a difficult second quarter for the banking sector.

"The continued strong flow of net new assets we achieved in Private Banking and our market share momentum, particularly in Investment Banking and in our Swiss institutional business, reflect the strength of our franchise,' he said.

In a statement posted on its website, he said 'Despite the continuing macroeconomic uncertainty, in the first half of 2010 we achieved a return on equity of 20% while making further substantial progress developing our businesses. We remain confident that our strategy is appropriate and resilient in the face of an uncertain and challenging economic and market environment

He added: 'Our strong capital and liquidity base positions us well to meet changing regulatory requirements. We are actively contributing to industry efforts to build a more robust and stable financial system by helping clients in adverse market conditions and engaging in an open and constructive dialog with regulators to promote a coordinated global approach to banking supervision.'

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