The Credit Suisse Group reported a net loss of CHF 579 million (€394m) and a net operating loss, of CHF 285 million(€194m) in the second quarter of this year.
Blaming deterioration of equity markets for the poor showing, the group said low investment income in the insurance businesses had a negative impact of approximately CHF 1.5 billion (€1 bn) on the group's result compared to the second quarter of 2001.
"The lower equity market valuations in the second quarter had a very negative impact on the insurance units' results, although they once again succeeded in improving their technical results" said Mr Lukas Mühlemann, Chairman and Chief Executive Officer of Credit Suisse Group.
"Private banking and the Swiss corporate and retail banking business recorded solid earnings given the challenging market conditions, and investment banking achieved further progress."
He added that the group aimed restore the earnings strength of the insurance businesses.
He also warned that dividends for 2002 would be down.