Credit Suisse today reported a 49% fall in fourth-quarter net profit to 1.33 billion Swiss francs ($1.21 billion), slightly below forecasts, and unveiled 1.259 billion francs in writedowns on various exposures.

The bank's key investment banking division reported a steep fall in net income to 328m francs in the final quarter.

Net new money in wealth management was a far better than expected 12 billion Swiss francs, up from 8.6 billion francs in the fourth quarter of 2006 and compared with an average forecast of 8 billion francs.