Profits at Credit Suisse rose 8% in the first quarter, as record performance in wealth management offset a bleak three months for its investment bank.

Credit Suisse reported net profits of 749m Swiss franc ($735m) for the period, as lower expenses cushioned a 4.5% fall in net revenues to CHF5.3bn that was driven by a difficult three months for advisory bankers in particular. Both profits and revenues were above analyst expectations.