Afternoon:
10°c
Credit Suisse profits double expectations
Evening Standard23 Apr 2009
A massive turnaround from loss to profit at Credit Suisse's investment banking operations saw it join the growing list of global banks beating market forecasts today.
Post-tax profits of SwFr2 billion (£1.18 billion) were double what most analysts had expected and chief executive Brady Dougan used it to take a swipe at his rivals saying: "Our combination of a differentiated strategy, a strong capital position, an absence of government ownership and a significantly lower risk profile make us a trusted partner for clients."
Switzerland's largest bank, UBS, lost more than $50 billion (£34.3 billion) through the credit crunch and needed a $30 billion bail-out from the Swiss National Bank.
Credit Suisse investment bank made pre-tax profits of SwFr2.4 billion in the first three months of the year. In the same period last year it lost SwFr3.4 billion and in the final quarter of 2008 that more than doubled to a loss of SwFr 7.5 billion.
