Credit Suisse on July 28 reported second-quarter earnings of 170 million Swiss francs, beating analyst expectations for a third consecutive quarterly loss.
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The quarterly profit compared to a net loss attributable to shareholders of CHF302 million in the first quarter of 2016, but represented an 84 percent fall on net profits of just over CHF1 billion the same period in 2015.
In the three months to the end of June, Credit Suisse’s common equity Tier 1 capital ratio rose 40 basis points to 11.8 percent.
This could help ease some concerns the bank is undercapitalized relative to peers.
Thiam and Chairman Urs Rohner said in a letter published with Thursday’s results that they remain “cautious” about the second half of the year amid geopolitical and macroeconomic uncertainties, such as the British vote to leave the European Union. Six analysts polled by Reuters forecast an average 192 million franc loss.
Since taking over a year ago, Thiam has struggled to restore profitability and reverse a drop in shares that have wiped out 47 percent of the bank’s market value this year.
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Credit Suisse is the world’s fourth-biggest private bank by assets after UBS (UBSG.S), Bank of America Merrill Lynch (BAC.N) and Morgan Stanley (MS.N), according to wealth management consultant Scorpio Partnership.
