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Credit Suisse returns to profit

CREDIT Suisse has returned to profit after reporting a record loss in 2008.

The bank made a profit of 6.7bn Swiss francs (£4bn) in 2009 – compared with a loss of 8.2bn Swiss francs in the previous year.

Credit Suisse said it was pulling in new clients and that its asset management business was thriving.

Chief executive Brady Dougan said: "Our environment and the way we do business have changed fundamentally over the past two years.

"Credit Suisse responded swiftly and responsibly to these changes with the implementation of a client-focused, capital-efficient strategy and a business model that enables us to generate less volatile earnings."

Swiss lender UBS made a loss in 2009 but made a quarterly profit of 1.2bn Swiss francs in the last three months of the year.