Swiss banking giant Credit Suisse has said its second quarter profits soared by 29% from a year earlier to 1.57 billion Swiss francs - just over €1 billion.
This was the second consecutive quarter of profit for the bank, as it recovers from a full-year loss of 8.2 billion francs in 2008.
The bank's chief executive Brady Dougan said the global economic climate was expected to remain tough and 'uneven business conditions' would persist.
The bank has been hurt by the financial crisis and said in December it would slash 5,300 jobs in a bid to cut costs. But it ended a losing streak this year and even its investment bank unit, which was blamed for incurring massive losses during the financial crisis, has been profitable for two consecutive quarters.
In the second quarter, the investment bank's profit before tax rose by 444% compared with the same period last year. Its asset management outfit also turned profitable in the second quarter.
Renato Fassbind, the group's chief financial officer, told journalists in a conference call that the positive momentum overall 'has continued so far in July'.
