July 28, 2016 / 4:55 AM / 2 years ago

Credit Suisse posts surprise Q2 profit of 170 mln Sfr

ZURICH, July 28 (Reuters) - Swiss bank Credit Suisse on Thursday posted a 170 million Swiss franc ($172.6 million) net profit for the three months to the end of June, confounding analysts’ expectations for a third consecutive quarter in the red.

The result was above even the most optimistic forecast in a Reuters poll of six analysts, with the average estimate for a 192 million franc loss.

“We remain cautious in our outlook for the second half of 2016 in view of the uncertainty created by significant geopolitical and macro-economic concerns, reinforced a few weeks ago by the outcome of the UK referendum,” Chief Executive Tidjane Thiam, who is restructuring Switzerland’s second-biggest bank to focus the business towards wealth management and away from investment banking, said in a statement.

$1 = 0.9852 Swiss francs Reporting by Joshua Franklin; Editing by Michael Shields

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