Credit Suisse on Tuesday proved analysts' concerns that a reliance on credit products could weigh on its first-quarter performance to be unfounded as trading gains elsewhere more than offset the decline in revenues from credit trading and pushed profits higher.

Instead, it was the non-trading parts of Credit Suisse's investment bank that stuttered, with capital markets underwriting and advisory revenues dropping from a year ago to record their worst quarter since the end of 2011. The advisory business, in particular, was singled out for losing market share and underperforming in the healthcare sector, where M&A activity has boomed this year.