Credit Suisse beats Q2 earnings forecasts

GENEVA: Swiss banking giant Credit Suisse beat expectations in results released Thursday, reporting a second quarter net profit of 1.1 billion francs ($1.15 billion, 950 million euros) after suffering 700 million in losses over the same period last year. It was the first earnings report under the leadership of new chief executive Tidjane Thiam, who was born in Ivory Coast and in June became the first African-born executive to take charge of a major Swiss bank.

Most analysts had forecast a net profit of around 690 million francs for the quarter.