ZURICH - Swiss banking giant Credit Suisse on Thursday said it swung back into profit after two successive quarters of massive losses, with net profit of 2.0 billion francs (S$2.5 billion) for the first quarter.

The profit equivalent to 1.32 billion euros (S$2.57 billion) or 1.71 billion dollars (S$3.33 billion) marked a sharp turnaround from the bank's biggest ever full-year loss of 8.2 billion francs (S$10.57 billion) in 2008.