By John Letzing

ZURICH-- Credit Suisse Group AG posted a second-quarter net profit of 170 million Swiss francs ($172.48 million) on Thursday, as the Swiss bank's net revenue fell 16%.

The surprise profit was a rare upbeat note for Zurich-based Credit Suisse, which is in the midst of an extensive overhaul designed to cut back on investment banking and expand wealth management that began last October. The bank reported 5.47 billion francs in net revenue for the period.

Analysts had expected a net loss of 37 million francs, and 5.17 billion francs in net revenue.

Credit Suisse said its net new assets in the quarter were 12.1 billion francs. The bank's key capital ratio was 11.8%, Credit Suisse said.

Write to John Letzing at john.letzing@wsj.com

(END) Dow Jones Newswires

July 28, 2016 00:58 ET (04:58 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Credit Suisse Charts.
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Credit Suisse Charts.