Second quarter profits have risen by a third for Credit Suisse despite difficult trading conditions.

Although trading revenues were damaged by fears of an end to US monetary stimulus, the Swiss bank’s profits were buoyed up by its investment bank, which enjoyed high commissions in equity market trading.

Credit Suisse’s wealth management arm was also shaken by the global crackdown on tax evasion, which saw clients, fearing an end to its traditional client secrecy, withdraw money from Swiss bank accounts.

With a net income in the second quarter of  £810 million, pre-tax profits were more than doubled in comparison to the same period last year, echoing rival banks such as Goldman Sachs and Morgan Stanley.

 

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