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CS--"error"!

Credit Suisse has been forced to restate its earnings for 2003 after an embarrassing accounting error, which the bank dismissed as a one-off.

Switzerlands second-largest bank said the "very unfortunate" accounting error meant its earnings for last year were around CHF200 million ($156.5 million) lower than originally stated.

Credit Suisse said that the mistake was down to a data input error.

Although seen us largely benign, the error will grate with the bank's desire to restore investor confidence, undermined one year ago when Credit Suisse declared its largest-ever loss.

The bank's revised results now indicate a rail in its net profit to CHF956 million in the last three months of 2003 from the originally reported CHF1.166 billion.

Source: Swissinfo, Swiss News and agencies
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Title Annotation:Financial News
Publication:Swiss News
Geographic Code:4EXSI
Date:May 1, 2004
Words:125
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