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Swiss bank Credit Suisse said recent stock market turmoil hit fourth quarter profits, but overall earnings for the year were up.

Income from continuing operations was CHF8.5 billion (£4 billion) for 2007, an increase of three per cent compared to last year.

Earnings per share were CHF7.65 (£3.5) compared to CHF7.19 (£3.3) in 2007 and Credit Suisse has proposed a further increase to the cash dividend to CHF2.50 (£1.16) per share.

In the fourth quarter, the Zurich-based bank said falls in the stock market led to a loss for its asset management division.

Earnings per share for the fourth quarter were CHF1.21 (£0.56) for 2007 compared to CHF2.29 (£1) for the same period in 2006.

CEO Brady Dougan said: "Our asset management division reported a loss in the quarter, reflecting valuation reductions from securities purchased from our money market funds.

"However, before these valuation reductions, asset management continued to perform well, particularly in alternative investments."

Mr Dougan added, "Our performance in 2007 provides a strong foundation for 2008."

Stock markets fell across the world in 2007, triggered by defaults in the US subprime market.