Page last updated at 07:02 GMT, Thursday, 23 July 2009 08:02 UK

Credit Suisse recovery continues

Credit Suisse building in Zurich
Credit Suisse's results mark a distinct turnaround

Swiss bank Credit Suisse has continued its recovery, with second quarter profits up 29%, and a statement that it is placed to "perform well".

For the April to June period of 2009, the lender made a net profit of 1.571bn Swiss francs ($1.48bn; £894m).

The firm had made a full-year loss of 8.2bn francs in 2008.

The profit at Switzerland's second largest bank came after it reduced its global workforce by 5,100 positions or 11%, last year.

The bank's chief executive Brady Dougan said the global economic climate was expected to "remain challenging", and that "uneven business conditions" would persist.

"However, if markets continue to improve, we expect to see further momentum across our businesses, and if markets become more difficult we believe that Credit Suisse is positioned to perform well," he added.

"Our reduced-risk business model is providing the basis for more sustainable, high-quality, lower volatility earnings."

The majority of the profits - about 1.66bn francs. - came from Credit Suisse's investment banking arm.

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