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Credit Suisse on Thursday reported a sharp fall in net profits for the second quarter from the much stronger previous three months, as investment banking was hit by sharply declining revenues caused by lower fixed-income trading and volatile markets. Net group earnings amounted to SFr1.59bn ($1.51bn), down 22 per cent on the first quarter. However, compared with the same period last year, earnings were 1 per cent higher. Richard Stovin-Bradford analyses results from the Swiss bank.