Credit Suisse up in pre-market trading as results beat expectations
Switzerland's Credit Suisse is doing well in pre-market trading – up 0.7 per cent right now – after some better than expected results out this morning (release).
The bank posted net income for the second quarter of CHF 1.05bn (£0.73bn), beating forecasts of CHF 1.03bn (£0.72bn).
Brady W. Dougan, chief executive officer, said:
With an underlying return on equity of 13% for the first six months of 2013 and 10% for the second quarter, our business model is performing well and we continue to make progress in reducing our cost base and balance sheet. Our Look-through Swiss Core Capital ratio significantly increased from 9.6% at the end of the first quarter to 10.4% at the end of the second quarter of 2013. We are pleased to have exceeded our target of 10% for the middle of this year. Operating under Basel III, we are generating one of the highest returns on equity in our peer group with a strong capital base.