Swiss bank Credit Suisse has reported a net profit of just under €1.2 billion for the second quarter, a period characterised by volatility in the markets stemming from Europe's sovereign debt crisis.
Compared with the same period last year, the banking giant's earnings were up just 1%, but they were 22% lower than in the first three months of this year.
'This was a resilient performance during a difficult second quarter for the banking sector,' said Brady Dougan, the group's chief executive officer.
The tough market conditions were felt particularly by its investment bank division, which recorded a 32% drop in net revenues compared with a year earlier. The plunge was due mainly to weak fixed income sales and trading revenues, said the bank.
