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Credit Suisse profit rises

SWISS bank Credit Suisse Group yesterday reported a 29 percent increase in second-quarter net profit after a strong performance in its investment unit drove up core revenues.

The net profit of 1.57 billion Swiss francs (US$1.41 billion) compared with 1.22 billion francs in the same quarter last year and matched most analysts' expectations.

Credit Suisse noted that the results included one-time charges, legal costs and tax benefits, without which net profit in the second quarter would have been 2.5 billion francs.

Credit Suisse settled a dispute last month with Huntsman Corp over claims the bank scuttled a US$6.5 billion buyout of the US-based chemicals maker.

"Our reduced-risk business model is providing the basis for more sustainable, high-quality, lower volatility earnings," Chief Executive Brady W. Dougan said in a statement.

Investment banking made a profit of about 1.66 billion francs before tax.

Profit in private banking dropped 23 percent to 935 million. Wealth management saw a similar decline to 662 million francs before tax.


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