Credit Suisse Back in Black

Credit Suisse(CS Quote) shares rose as much as 6% Thursday, after the Swiss bank reported profits slipped 62% from a year ago in the second-quarter, but returned to profitability after a big loss in the prior period.

The Zurich-based bank reported net income of 1,215 million Swiss francs, a big drop from last year's 3,189 Swiss francs, but a nice gain over the first quarter's loss of 2,148 Swiss francs. Diluted earnings per share came in at 1.12 versus 2.82 for the previous year, but again recovering from the first quarter loss of 2.10.

Credit Suisse has managed to survive the current financial market crisis much better than fellow Swiss bank UBS(UBS Quote). It had less exposure to risky financial instruments and quickly reduced its portfolio of such instruments. ...