CSFB Earnings Up Sharply

Profits at the parent bank also jump.
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Credit Suisse Group

(CSR)

, the big Swiss bank, said fourth-quarter profit rose 22%, even though net revenue was down 5% from a year ago.

In the quarter, Credit Suisse earned $809 million, up from $661 million a year ago. Net revenue fell 5% to $10.3 billion. The company also announced a $5.1 billion buyback.

The fourth-quarter numbers were weighed down by a $204 million charge stemming from the sale of an insurance division in 2001.

The firm's New York-based Credit Suisse First Boston investment banking group reported $280 million in earnings, up 172% from the year-ago period. Net revenue rose 7% to $3.3 billion.

CSFB's earnings were fueled by the strong performance of the firm's institutional securities division, which includes underwriting and corporate advisory work. The group generated net income of $227 million.

All figures have been converted from Swiss francs, which trade for about 0.84 U.S. dollars.

In early trading, shares of Credit Suisse, which trades as an ADR in the U.S. markets, were up 88 cents, or 2%, to $43.09.