Credit Suisse 'sees profits plummet'

27 April 2011

Credit Suisse saw its profits plummet in the first-quarter of this year, with its net income falling to 1.14 billion Swiss francs ($1.31 billion) from 2.06 billion Swiss francs the same time last year.

The second-largest bank in Switzerland missed estimates from analysts following lower earnings and a charge from its own debt, Bloomberg notes.

Experts surveyed by the news agency had previously anticipated the Zurich-based lender to report earnings of a 1.32 billion Swiss franc average - but sums actually fell short of this.

Peter Thorne, an analyst at Helvea in London, said: "Despite its success in the financial crisis, Credit Suisse faces similar problems to UBS at its investment bank, namely sub-scale fixed-income, currencies and commodities operations."

UBS - the biggest bank in Switzerland - had earlier in the week reported considerable money inflows when it posted profits that were greater than the industry figures questioned by Bloomberg had anticipated.

By Claire Archer

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