Credit Suisse Returns to Profit on Securities Unit’s Rebound

Discussion in 'Stocks' started by ASusilovic, Apr 23, 2009.

  1. April 23 (Bloomberg) -- Credit Suisse Group AG, the biggest Swiss bank by market value, returned to profit in the first quarter, helped by a recovery at its securities unit.

    Net income was 2 billion Swiss francs ($1.7 billion), compared with a 2.15 billion-franc loss in the year-earlier period, the Zurich-based bank said in a statement today. Earnings were twice the 1 billion-franc median estimate of 14 analysts surveyed by Bloomberg News.

    I hope they will not announce in two weeks time some sort of CDO trader forgot to mark down some toxic waste...