July 31, 2018 / 5:35 AM / a year ago

Credit Suisse doubles Q2 profit

ZURICH, July 31 (Reuters) - Credit Suisse on Tuesday said it more than doubled its second-quarter net profit as it registered gains from its three-year overhaul.

Net income attributable to shareholders from April through June rose 114 percent year on year to 647 million Swiss francs ($655.5 million), beating the average estimate in a Reuters poll of seven analysts for 626 million francs. Credit Suisse’s own consensus was for net profit of 601 million francs.

“The group’s second-quarter adjusted profit increased 88 percent year on year, driven by strong revenue growth of 7 percent, and continued positive operating leverage supported by strict cost discipline,” Chief Executive Tidjane Thiam said in a statement. “For the remainder of 2018, we will continue to focus on growing our wealth management franchise and completing the last two quarters of our restructuring successfully.” ($1 = 0.9871 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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