Credit Suisse's strategy of focusing on traditional client businesses while slashing its exposure to risky assets solidified its position as one of the winners from the financial crisis, as the Swiss bank reported earnings that easily surpassed analysts' expectations.
Brady Dougan, Credit Suisse's chief executive, said the bank was continuing to build “momentum” in challenging conditions after reporting net profits of SFr1.57bn ($1.47bn) for the second quarter.
Stripping out an accounting charge that sliced SFr1.1bn off the bottom line and the SFr500m cost of settling a US lawsuit, the bank delivered an underlying 27 per cent return on equity, substantially higher than in its own first quarter.
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