Credit Suisse has reported a profit fall of 72% in the final quarter of 2007, worse than analysts had expected.
The firm’s asset management division took a major hit, with falling profits in 2007 and a major loss in the final quarter of the year.
Profits for the three months to the end of December 2007 were 1.33bn Swiss francs (£619m).
However, the bank says its losses from sub-prime investments were less than it had originally expected, reaching 2bn Swiss francs in 2007.
Its Swiss rival, UBS, reported a full year loss of 4.4bn Swiss francs, largely due to sub-prime losses, meaning Credit Suisse has come through the crisis in a relatively strong position.
Credit Suisse reported a total income of 8.55bn Swiss francs in 2007, up 3% from 2006.
However, the bank’s asset management division saw profits fall 30% compared with 2007, down to 354m Swiss francs, while net revenues fell 10%.
The division also recorded a loss in the final quarter of the year of 247m Swiss francs, which the bank says is due to securities purchased from money market funds.
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