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Credit Suisse Profits Sag 72%

Fourth quarter income was way down for Switzerland's largest bank, even with writedown totals lower than expected. CEO says results show resilience

Credit Suisse has come through the credit crunch relatively unscathed so far after announcing lower-than-expected write-downs, but was unable to prevent a 72 per cent slump in profits in the final three months of last year.

The second largest bank in Switzerland revealed yesterday that writedowns related to the sub-prime crisis in the US were Sfr1.26bn (£580m) in the fourth quarter, bringing its total for the year to Sfr2.07bn.