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Credit Suisse reports plunging profits

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Credit Suisse reports plunging profits
10:09 CEST+02:00

Swiss banking giant Credit Suisse said on Wednesday its first quarter profits plunged to just 44 million francs ($48.3 million) from 1.1 billion francs a year ago amid debt losses.

"Our reported results were adversely impacted by accounting driven fair value losses due to tightening of our own credit spreads," said the bank's chief executive Brady Dougan, pointing out that the impact of the losses reached 1.6 billion francs.

Its investment banking division's earnings before tax fell a third for the first three months of the year from the same period last year, while those of its private banking unit were down 27 percent.

The bank also reported net outflows of 7.1 billion francs for the quarter.

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