Credit Suisse has posted a 29% increase in profit for the second quarter.
The bank saw the figure increase to USD1.47 billion during the three-month period, while profit before tax rose to USD1.55 billion.
An increase in revenue at its securities business was cited as reason for the improved performance and Brady Dougan, American chief executive, noted that the bank is well positioned regardless of the future of the economy.
“If markets continue to improve we expect to see further momentum across our businesses, and if markets become more difficult we believe that Credit Suisse is positioned to perform well,” says Brady Dougan.
Dougan added that challenges are likely to remain in the global economic environment, but stated that the bank’s “stability” makes it an attractive option for clients.
The results contrast with those of Morgan Stanley, which this week announced a loss of USD159 million for the second quarter.
D.C.