Credit Suisse defied fears it would post fresh losses in investment banking in the second quarter, revealing only a small net markdown on its credit assets.

The Swiss bank made SFr1.22bn ($1.18bn) of net income in the second quarter, a year-on-year fall of 62 per cent. The result followed a lossmaking first quarter when it wrote down SFr5.3bn, partly due to a losses from a trading scandal.