Credit Suisse said it swung to a profit in the second quarter and provided some leeway for the Swiss lender’s newly-minted chief executive, despite a lacklustre result for its investment bank.

Zurich-based Credit Suisse said on Thursday that net income was Sfr1.05 billion ($1.09 billion) in the quarter, compared with a loss of Sfr700 million in the same period last year - when the results were undercut by Credit Suisse's agreement to pay $2.6 billion as part of a settlement with US regulators and plead guilty to aiding American tax evasion.