Credit Suisse's investment bank this morning reported its biggest quarterly profit in two years, as revenues across both sales and trading and underwriting and advisory held firm while the business reduced headcount and risk.

The Swiss group's investment bank posted a pre-tax profit of Sfr1.3bn ($1.37bn) for the first three months of the year, up from Sfr907m in the same period a year earlier. It was also up on the Sfr298m made in the fourth quarter of 2012.