Credit Suisse returned to profit in the second quarter. Net profit amounted to 1,05 billion Swiss francs ($1,09 billion) versus a CHF700 million loss in the same period last year as results were impacted by a $2,6 billion payment to US regulators after the bank pleaded guilty of tax evasion.
The figure was better than the expectations of analysts who expected a net profit of 703 million francs. Net sales increased by 8% to 6,94 billion francs. The Swiss institute is entering a new era after the arrival of the chief executive, Tidjane Thiam, former managing director of the English insurance company, Prudential. The results released today reflect a period in which the bank was still managed by Thiam's predecessor, Brady Dougan.
