Credit Suisse Group said yesterday fourth-quarter net profit fell 72% to SwFr1.33bn (£637m) because of writedowns for investment banking and money-market funds.

The bank, Switzerland's second largest, took writedowns of SwFr2.07bn, which showed it continues to weather the sub-prime crisis better than some rivals. It said that in mortgage securities its net sub-prime exposure is SwFr1.6bn, down sharply from SwFr3.9bn at the end of September.

Credit Suisse said net profit in the three months ended December 31 compared with SwFr4.67bn in the year-earlier period, when earnings were bolstered by investment banking and the sale of insurer Winterthur. - AP