Credit Suisse posts strong Q2 profit amid increasing stability in global economy

Markets Associated Press

Swiss bank Credit Suisse Group AG says second quarter net income was a strong 1.051 billion Swiss francs ($1.096 billion) after a large loss in the same quarter last year when it was fined in a U.S. tax case.

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The bank said Thursday the April-June results came amid a number of political and economic developments, with the global economy and oil prices showing signs of stabilization, and solid economic data from the eurozone.

It cautioned, however, that financial and political uncertainty from Greek debt negotiations could continue to contribute to market volatility.

The profit compared to a 700 million Swiss franc loss in the same quarter last year after the Zurich-based bank was fined the largest penalty ever in a U.S. criminal tax case for aiding American tax evaders.