Credit Suisse Group fourth quarter fell 72%

The Switzerland’s second-biggest bank, Credit Suisse Group reported that the bank made 72% low earnings in the last quarter of the fiscal year because of the securities unit.The bank made write downs of 1.3 billion Swiss francs that is about $1.2 billion on its debt and loans.

The bank reported a drop in income and profits to 1.33 billion francs in its statements. The surveyors had suggested profits of 1.43 billion-franc for the Zurich-based bank. The share prices of the bank went down by 3.4 percent after the profit reports were issued by the bank.