Credit Suisse’s investment bank was smaller but more lucrative during the third quarter, boosted by stronger performance from its advisory bankers and fixed income traders, giving hope that European firms enjoyed as profitable a summer as their US rivals.

The Swiss bank, which is the first large universal European bank to report its results, this morning reported that pre-tax profits at its investment bank reached Sfr508m ($544m), up 33% from Sfr383m in the second quarter. In the third quarter last year, it made a loss of Sfr720m before taxes.