Credit Suisse posts 29.75% growth in Q2 net income

Swiss banking major Credit Suisse today reported 29.75 per cent growth in net income at 1.57 billion Swiss francs for the second quarter backed by strong results from its investment banking segment.

The company had a net income of 1.21 billion Swiss francs in April-June 2008, Credit Suisse said in a statement.

Net revenues rose to 8.61 billion Swiss francs in the quarter from 7.74 billion Swiss francs in the June quarter of 2008.

"Our strong second-quarter performance demonstrates that our client-focused, capital-efficient strategy is working very well and that our reduced-risk business model is providing the basis for more sustainable, high-quality, lower volatility earnings," Credit Suisse Chief Executive Officer Brady W Dougan said.

During the quarter, its investment banking business reported income before taxes of 1.65 billion Swiss francs compared with 304 million Swiss francs in the prior-year period, reflecting the continued progress that has been made in executing the differentiated strategy.

"The results for the second quarter of 2009 include net fair value charges resulting from improving credit spreads on Credit Suisse debt and charges relating to the settlement with Huntsman Corporation," the statement said.