Swiss banking giant Credit Suisse has beaten expectations in results released today, reporting a second quarter net profit of CHF1.1bn (€ 950m) after suffering CHF700m in losses over the same period last year.
It was the first earnings report under the leadership of new Chief Executive Tidjane Thiam, who was born in Ivory Coast and in June became the first African-born executive to take charge of a major Swiss bank.
Most analysts had forecast a net profit of around CHF690m for the quarter.
The Zurich-based bank said its gains were partly driven by "a very strong performance in the Asia-Pacific region," highlighting the importance of the region moving forward.
Through the first half of the year, 16% of overall revenue and 27% of pre-tax income came from Asia Pacific.
"We foresee further significant opportunities in the years ahead," the bank said in a statement.
"We are ... increasingly recognised as the Entrepreneurs' Bank of Asia Pacific, a status we are determined to reinforce in the years to come," it added.
The private banking unit performed particularly well, taking in CHF14.2bn in new assets, again with strong contributions from developing markets in Asia, Africa and the Middle East.
Revenues in the investment bank were however offset by higher spending in "risk, regulatory and compliance infrastructure."
Credit Suisse was fined $2.6bn last year for helping Americans hide money offshore to avoid taxes. As part of the settlement, Credit Suisse admitted guilt on a felony charge.
The earnings report highlighted that the bank made gains despite continuing market volatility related to Greece's future in the eurozone.
Domestically, the Swiss central bank's shock decision in January to end efforts to hold down the value of the franc against the euro, continued to have consequences.
Most of Credit Suisse's expenses are in francs, but significant portions of revenue are generated in other currencies, so the soaring local currency has led to rising costs.
Credit Suisse shares shot up 6.9% to stand at 28.7% in late morning trading, while Swiss SMI index was up 0.96% overall.
