Swiss banks return to profit: SNB
A report published by the Swiss National Bank (SNB) on Thursday shows bank profits increased in Switzerland following heavy losses in 2008 due to significant gains in stock markets and the accommodative monetary stance in the country.
Total annual profit for the 325 banks covered in the report rose by 2.9% to Swfr8.7 billion ($7.8 billion) in 2009 compared to the previous year. The cumulative annual losses amounted to Swfr6.3 billion, compared to Swfr38.9 billion in 2008. Annual profits of banks
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