Credit Suisse Q2 profits climb by 29 percent

Credit Suisse on Thursday became the latest major bank to report a strong second quarter showing as its net profit rose by 29 percent to 1.57 billion Swiss Francs ($1.41 billion.) In a statement the Swiss banking giant attributed its performance to a “reduced-risk business model providing the basis for more sustainable, high-quality, lower volatility earning.” Its Investment banking arm, which incurred much of the blame for the bank’s record losses last year, weighed in with pre-tax profits of 1.66 billion Swiss Francs ($1.55 billion). Overall earnings rose by 10 percent to 8.6 billion Swiss Francs ($8.07 billion) from 7.7 billion Swiss Francs ($7.2 billion) a year earlier.