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.
If you would like to comment on this story, contact:
Tel: 020 7034 2682
e-mail: [email protected]
The chairman doggedly tries to be amusing
'Profitability is almost a myth'
Active Wealth in liquidation
Cautious welcome for volatility
Report output options