Credit Suisse reports record first quarter

Credit Suisse, Switzerland's second-largest bank, has seen its first quarter bank revenues rise to a record $5.4 billion (SFr4.71 billion) from $5 billion a year ago.

The result helped it gain market share although the strong franc hit profits.

Chief Executive Brady Dougan said in a statement on Wednesday he was particularly pleased that his investment in fixed income trading had begun to bear fruit in the quarter.

“We have substantial momentum across all of our client based businesses and we remain well prepared to continue to capitalise on our improved market position,” he said.

Dougan’s bold strategy to hire investment bankers aggressively early in 2010 initially backfired as markets flattened but the bank was expected to benefit from an upturn in trading longer term.

Swiss rival UBS said on Tuesday its struggling investment bank fared better than expected in the quarter, helping lift its shares over five per cent. It made a net profit of SFr1.8 billion.