NEW YORK (TheStreet) --Credit Suisse,  (CS) - Get Reportthe second largest bank in Switzerland (behind UBS (OUBSF)), posted 2016 second quarter profits that beat analyst expectations today. The Swiss bank posted net income of 170 million Swiss francs ($172.4 million), beating the projected loss of 192 million Swiss franc.

Despite the company outpacing expectations, the numbers still pale in comparison to 2015 second quarter profits of 1.05 billion francs. The man spearheading the bank's comeback is CEO Tidjane Thiam, who spoke with BloombergTV's Francine Lacqua in Zurich on Thursday.

"There are indications here that it is working. If you look at the flows which are very important for wealth management they're up 60% in 2016 over 2015. I consider that a good effort by the teams and I'm very proud of the teams across the bank in a really challenging period," Thiam said.

Thiam feels that if the company can continue to produce similar results in this challenging global environment it will "give you the sense of the power of the franchise, and the connections with the client," he noted. 

Lacqua pressed Thiam on if he believes there will be further growth in the second half of the year.

"We gave a very cautious outlook, we know there are a lot of clouds on the horizon, political uncertainties," he explained. Citing Brexit, elections in the U.S., France, and Germany that will all impact the markets.

The worst case scenario in terms of Brexit, Thiam says, would be the "passporting for financial services," which he feels would be a detriment to both the U.K. and Europe.

Additionally, speculation has surrounded the company's need to raise its capital to which Thiam noted, "We've been very consistent in saying that we do not need to raise capital, we are in a perfectly adequate capital position."

Overall Thiams consistent message throughout the interview was the continued reliance on focus on its clients, to strategically restructure in a timely and fortified manner, and remain disciplined on executing top priorities.

Shares of Credit Suisse are lower by 4.08% to $11.15 on Thursday morning. 

Separately, TheStreet Ratings rates Credit Suisse as a "Sell" with a ratings score of "D." This is driven by multiple weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks TheStreet Ratings covers.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: CS

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