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(AP) Credit Suisse Group has posted a fourth-quarter net profit in 2012 of 397 million Swiss francs ($435 million), a turnaround from the equivalent period a year ago when it posted its first fourth-quarter net loss since 2008.

Switzerland's second-biggest bank had a net loss in the fourth quarter of 2011 of 637 million francs ($698 million).

With some 47,400 staff around the world and 924 million francs in assets, the Zurich-based bank also posted a full-year net profit of 1.483 billion francs ($1.62 billion) for 2012, down from 1.953 billion francs in 2011.

CEO Brady W. Dougan said in a statement Thursday before the opening of the Zurich exchange that the results reflected a year of transition.

Associated Press
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