Credit Suisse reports 24% rise in net profit, sets aside $324 million for potential loan losses

By Silvia Amaro

KEY POINTS

• The bank had posted net income of 1.31 billion Swiss francs for the first quarter of the year. At the time, it had set aside 568 million Swiss francs to deal with potential loan losses.

• The stock is down about 27% since the start of the year.

Credit Suisse reported net income of 1.16 billion Swiss francs ($1.27 billion) in the second quarter of 2020 and made additional provisions for the coronavirus crisis and its economic impact. 

Analysts had expected net profit of 838.9 million Swiss francs for the three-month period through to the end of June, according to Refinitiv.

The bank had posted net income of 1.31 billion Swiss francs for the first quarter of the year. At the time, it had set aside 568 million Swiss francs to deal with potential loan losses.

The stock is down about 27% since the start of the year.

CNBC

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