Credit Suisse profit drops 25 per cent

Credit Suisse Group has reported net income for 2007 of SFr8.549 billion ($7.766 billion), down from a record SFr11.327 billion in 2006.

This content was published on February 12, 2008 - 08:44

Switzerland's second-largest bank added on Tuesday that fourth-quarter net profit had dropped 72 per cent to SFr1.33 billion owing to writedowns for investment banking and money-market funds.

It took writedowns of SFr2.07 billion, which analysts said showed it continues to weather the subprime crisis better than some rivals.

Credit Suisse said net profit in the three months ending December 31 compared with SFr4.67 billion in the same period for 2006, when earnings were bolstered by investment banking and the sale of insurer Winterthur.

Chief Executive Brady Dougan said the results were "achieved in an extremely challenging environment".

At the end of January rival UBS posted a SFr4.4 billion full year loss for 2007 after announcing further significant writedowns relating to the subprime crisis.

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