Credit Suisse First Boston (CSFB) returned to profitability in the first quarter of 2003 after litigation and regulatory fines pushed the investment bank to a $1.2bn (€1.1bn) loss last year.

CSFB, led by chief executive John Mack - who is also co-chief executive of Credit Suisse Group - posted a net profit of $161m in the first quarter. This compared with a loss of $811m in the previous three-month period and a loss of $19m in the first quarter last year.