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Credit Suisse Has Turned The Corner, Analysts Predict

by Carla Johnson, Investors Offshore.com

23 January 2003

Analysts have suggested that the worst is over for the embattled Credit Suisse Group, despite the fact that it recently announced a record net loss of SFr3.4 billion for 2002.

The group's losses were inflated by the SFr702 million that it put aside to cover legal exposure at its US investment banking arm, Credit Suisse First Boston. However, its Winterthur insurance venture- previously the largest drain on the organisation's resources- has returned to profit, according to reports.

Speaking to the Swissinfo news service this week, Barclays analyst Hilary Cook explained that: 'Certainly the headline number is significantly worse than anybody had expected. Two and a half billion dollars is much worse...but it is because of provisions.'

She continued:

'I think one can be fairly confident that with the measures they have taken, provided we don't get another downturn in equity markets, there must be a good chance of them being in profit this year.'

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