Uptrend: A Credit Suisse logo hangs in the entrance to Credit Suisse Group AG’s headquarters in Zurich, Switzerland. Credit Suisse’s main trading business swung to a profit after two quarters of losses. — Bloomberg
ZURICH: Credit Suisse Group AG’s main trading business swung to a profit after two quarters of losses, as Switzerland’s second largest lender emerged relatively unscathed from what rival UBS Group AG called one of the worst environments in recent history.
The bank said it’s “cautiously optimistic” about the second quarter as client confidence returns and positive momentum in March continues into April. The main trading unit posted a pretax profit of 282 million francs (US$276mil), more than the 170 million francs in a company-compiled analyst estimate, and the Asia-Pacific trading business broke-even after two years of losses.
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