In 3Q 08, Credit Suisse Group’s (Credit Suisse) net revenues declined y-o-y, with non-interest income falling well short of our expectations. The bottom-line also deteriorated sharply, reflecting tough conditions in global financial markets, which eroded trading income and led to higher provisions for credit losses. Nevertheless, the bank’s asset quality has remained broadly stable, which is a strong positive in the current environment. Going forward, we expect further writedowns and pressure on Net Interest Income (NII), due to the broad-based downturn in the global economy. However, although we have cut our FY 2008 and FY 2009 estimates, we believe the common stock is attractively valued at current levels.

Read the full report free of charge with free to view access to institutional-quality research on 400 companies and over 700 stocks at www.researchoracle.com

Disclaimer Independent International Investment Research PLC supplies this research via Pronet Analytics.com Ltd. (‘Pronet’). Pronet is Regulated and Authorized by the Financial Services Authority (FSA) and registered with the Securities Exchange Commission (SEC). You are reminded that investment advice provided by Pronet is for your general information and use and is not intended to address your particular requirements. Any advice or recommendations contained in this report may not be suitable for you and are not intended to be relied upon by you in the making (or refraining from making) any specific investment or other decision. Such decisions should only be made on the basis of independent advice from an appropriately qualified adviser. Pronet Analytics.com Ltd. and Independent Financial Markets Research Ltd. are subsidiaries of Independent International Investment Research PLC (the ‘Group’). Research analysts working for the Group are subject to stringent confidentiality and security policies and are located in secure-access premises which may be in the proximity of professionals conducting similar work for other firms. The Group is not nor has been nor will be engaged in investment banking and does not make markets in any of the securities covered in this report or have any investment banking relationship with the firm whose security is covered in this report. No employee or contractor of the Group is permitted to personally buy or sell stock in the company covered in this report, and neither the analysts responsible for this report nor any related household members are officers, directors, or advisory board members of any covered company. No one at a covered company is on the Board of Directors of the Group or any of its affiliates. This report is not a solicitation to buy or sell any security and past performance is no guarantee of future results. Copyright © 2008 Independent International Investment Research PLC. All rights reserved.