Thursday March 20, 07:31 AM
Credit Suisse lowers 2007 net profit due to subprime crisis
ZURICH (AFP) - Swiss banking giant Credit Suisse announced Thursday it had revised down its 2007 net profit to 7.760 billion Swiss francs (five billion euros, 7.76 billion dollars) due to the subprime loan crisis.
The result represents a six percent decrease, as opposed to the three percent increase the bank announced on February 12, when it said the bank had posted net profit of 8.549 billion Swiss francs for 2007.
Last month, the bank sought to reassure investors that it has weathered the storms of the US subprime crisis, despite huge commercial loan writedowns.
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