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28 November 2023

Credit Suisse lowers 2007 net profit due to sub-prime crisis

By Agencies



Swiss banking giant Credit Suisse announced on Thursday it had revised down its 2007 net profit to 7.760 billion Swiss francs ($7.76 billion, Dh28.48 billion) due to the sub-prime loan crisis.


The result represents a 6 per cent decrease, as opposed to the 3 per cent increase the bank announced on February 12, when it said the bank had posted net profit of CHF8.549 billion for 2007.


Last month, the bank sought to reassure investors that it has weathered the storms of the US sub-prime crisis, despite huge commercial loan writedowns. (AFP)