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July 22, 2010    

Credit Suisse profits rise despite euro zone difficulties

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by Kay Murchie

Credit Suisse, which is Switzerland’s second-largest bank, has today exceeded expectations by reporting second quarter profits of SwFr1.6 billion (£1 billion).

Compared to the same three-month period a year ago, earnings were 1% higher but were down 22% when compared with the first quarter of the year.

The rise in profits came despite a 32% drop in revenue to SwFr4.1 billion from its investment banking division.

The fall in revenue was attributed to “volatile market conditions” and lower bond sales.

However, chief executive Brady Dougan said the results represented “a resilient performance during a difficult second quarter for the banking sector”.

He added: “We remain confident that our strategy is appropriate and resilient in the face of an uncertain and challenging economic and market environment.”

Finally, the Zurich-based bank continued to bring in new deposits, with net new assets totalling SwFr 14.5 billion francs during the three-month period to the end of June - however, this was much lower than the SwFr26 billion in the first quarter.

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