The Swiss bank posted a profit in the first six months of 2023, due partially to the write-down of AT-1 bonds.
Credit Suisse posted a net profit attributable to shareholders of around 2.21 billion Swiss francs ($2.4 billion) in the first half of the year, it said in its interim report Friday. In the prior-year period, reported a net loss attributable to shareholders of 1.97 billion francs.
A gain of 14.11 billion francs resulted from the write-down of AT-1 bonds as instructed by the Swiss Financial Market Supervisory Authority (Finma), according to a financial report published Friday.
Furthermore, the bank, which has been taken over by UBS, is expecting a loss of around $1.6 billion in the third quarter from the reclassification of loans related to non-core businesses and legacy assets. In addition, it decided to reduce certain management arrangements, which could result in a loss of up to $600 million in the third quarter.
