-->Credit Suisse Corrects Fourth-Quarter and 2003 Profit (Update1)
March 26 (Bloomberg) - Credit Suisse Group, Switzerland's second-largest bank, said it had overstated fourth-quarter and full- year 2003 profit by 200 million Swiss francs ($156 million) because of an accounting error at its German insurance business.
The company lowered fourth-quarter net income to 1 billion francs from 1.2 billion francs, and cut full-year profit to 5 billion francs from 5.2 billion francs. The Zurich-based company said an error had been made in preparing results at its DBV- Winterthur insurance unit in Germany.
DBV-Winterthur discovered the error in preparing its first- quarter 2004 accounts, the company said. In the fourth-quarter, DBV- Winterthur changed the way it calculates future dividends to policy- holders, ''and inadvertently included an item in the input data which should not have been considered under the refined method,'' Credit Suisse said in press release on its Web site.
The company also said it will combine it private banking and consumer banking divisions under Walter Berchtold, 41. Credit Suisse also named Urs Rohner group general counsel.
The company previously announced 2003 results on Feb. 12.
To contact the reporter on this story:
Philipp Goellner in Zurich at pgoellner@bloomberg.net
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