Investment bank Credit Suisse has reported net income of CHF 1.57bn for the second quarter of this year.
This marks a significant increase on the same period in 2008 which saw net income of CHF 1.22bn.
However, the previous quarter had seen higher profits of CHF 2bn.
Core net revenue was also up year-on-year, rising to CHF 8.61bn compared to CHF 7.74bn.
The quarterly results included some CHF 1.1bn of pre-tax net fair value charges, a discrete tax benefit of CHF 0.4bn and charges pertaining to the Huntsman Corporation settlement of CHF 0.5bn.
Without these exceptional items net income would have exceeded that recorded in Q1 2009.
Chief Executive Officer Brady W. Dougan has described the second quarter performance as a strong sign that the firm’s strategic approach to efficient capital and a client-focused ethos was working well.
This marks a significant increase on the same period in 2008 which saw net income of CHF 1.22bn.
However, the previous quarter had seen higher profits of CHF 2bn.
Core net revenue was also up year-on-year, rising to CHF 8.61bn compared to CHF 7.74bn.
The quarterly results included some CHF 1.1bn of pre-tax net fair value charges, a discrete tax benefit of CHF 0.4bn and charges pertaining to the Huntsman Corporation settlement of CHF 0.5bn.
Without these exceptional items net income would have exceeded that recorded in Q1 2009.
Chief Executive Officer Brady W. Dougan has described the second quarter performance as a strong sign that the firm’s strategic approach to efficient capital and a client-focused ethos was working well.
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