Credit Suisse’s credit loss provisions fall 69% in Q2
Cash put aside to cover defaults and soured loans lowest for three years
Provisions for credit losses (PCLS) taken by Credit Suisse in Q2 were the lowest for three years, at Sfr25 million ($25 million).
This compares with PCLs of Sfr81 million in Q1 and Sfr73 million the year-ago quarter.
Its Swiss unit posted the largest quarter-on-quarter decrease, with PCLs down to Sfr10 million from Sfr29 million in Q1.
The global markets business took Sfr2 million of provisions, down from Sfr11 million in Q1; the investment bank took Sfr1 million, down from Sfr8 million; the
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