Profits at Credit Suisse rose 70% in the third quarter, as its wealth management and bond trading divisions lifted the bank in what chief executive Tidjane Thiam described as a “challenging environment”.

The Swiss bank on Wednesday reported group pre-tax profits of 1.1bn Swiss francs (£860m) for the third quarter. Revenues rose 9% to CHF5.3bn, boosted by the sale of InvestLab, its funds platform, to Allfunds Group, and an absence of restructuring costs compared with a year ago.