Credit Suisse cut its return on equity target after fourth-quarter net profit rose 6% on the year but missed forecasts amid a slow fourth-quarter for fixed-income and as the strong Swiss franc ate into private banking profits.

The Zurich-based bank said net profit rose to Sfr841m, from Sfr793m a year earlier. The result missed analyst expectations, which averaged Sfr914m in a Dow Jones Newswires analyst poll.