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Credit Suisse Swings Back Into Black in Second Quarter

Restructuring Swiss lender Credit Suisse (CS) unexpectedly swung back into the black in the second quarter, reporting a net profit of Sfr170 million ($172.6 million).

The earnings compared with Reuters expectations for a loss Sfr192 million. Before tax Credit Suisse made a profit of Sfr199 million, compared with a Sfr484 million loss in the first quarter but well down from a Sfr1.66 billion profit a year ago.

Wealth management, a focus for the group since CEO Tidjane Thiam arrived a year ago, helped propel earnings. The division was...