Swiss banking giant Credit Suisse returned to the black for the second quarter, today posting a net profit of 1.215 billion Swiss francs (€736.7m) and 'immaterial' asset writedowns.
The group said combined net writedowns in its leveraged finance and structured products businesses reached 22 million Swiss francs, a sum which it judged immaterial.
Switzerland's second biggest bank also said its risk exposures were further cut, down 31% in leveraged finance and 22% in commercial mortgages from the first quarter this year.
The bank's CEO Brady Dougan said it was 'pleased' with its results. 'We continued to reduce our risk positions, as we have done since the early stages of the credit crisis. At a time when the industry is undergoing fundamental change, our strength in the right mix of businesses provides us with excellent prospects to grow market share,' he said.
The bank had in the first quarter plunged into a net loss of 2.148 billion Swiss francs, hit by the US sub-prime crisis.
Its writedowns for the first three months of the year reached 5.847 billion Swiss francs. In all, it had written down about 10 billion Swiss francs worth of assets since the credit crisis began last year.
