Credit Suisse has today posted a 62% drop in net profits for 2011 to 1.95 billion Swiss francs (€1.61 billion) but said business had got off to a "good start" this year.
Switzerland's second largest bank said that in the fourth quarter, the bank had had a net loss of 637 million Swiss francs, compared to a net profit of 841 million francs a year earlier.
"Our performance for the fourth quarter was disappointing," chief executive Brady Dougan said in a statement. "It reflects both the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements," he said.
The results were down on analysts expectations, who had predicted a 3 billion franc full year profit and 339 million franc profit for the last quarter.
The bank reported a core results pre-tax loss of 998 million francs, including the negative impact of 981 million francs from cost and risk reduction programmes. Dougan remained optimistic for 2012 however.
"While we are mindful that the market and economic environment remain uncertain, we are encouraged that our business is off to a good start with year-to-date underlying return on equity consistent with our target level of 15%, including the benefit from our risk and cost reduction plans," he said in a statement.
