Credit Suisse First Boston's net profits fell by 21% quarter-on-quarter to $224m (€196m) in the third quarter on the back of weaker fixed income trading results and lower revenues from equities and investment banking.

Net profits fell from $282m in the second quarter, although they compared favourably with the $420m loss reported by CSFB in the third quarter of 2002. The Swiss-American investment bank posted net profits for the first nine months of 2003 of $650m, compared with a loss of $383m in the same period in 2002.