By John Letzing
ZURICH--Credit Suisse Group AG on Thursday reported a 1.05
billion Swiss francs ($1.09 billion) net profit for the second
quarter, bouncing back from a 700 million francs loss in the same
period last year, while net revenue rose 8% to 6.94 billion
francs.
Analysts had expected Zurich-based Credit Suisse to report net
profit of 703 million francs.
The Swiss bank is moving into a new era under Chief Executive
Tidjane Thiam, who took over at the beginning of this month. The
results published on Thursday reflect a period when the bank was
still being run by Mr. Thiam's predecessor, Brady Dougan.
The results also reflects a period following the Swiss National
Bank's decision in January to let the value of the franc rise
sharply. That has been a complication for Swiss banks, including
Credit Suisse, which generally have more of their costs denominated
in the stronger currency than their revenue.
Write to John Letzing at john.letzing@wsj.com
Access Investor Kit for Credit Suisse Group AG
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=CH0012138530
Access Investor Kit for Credit Suisse Group AG
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US2254011081