Credit Suisse’s investment bank demonstrated a robust first quarter of the year, as it reported a modest year-on-year decline in revenues and avoided the sharp fall in sales and trading income that has characterised the earnings season so far.

The Swiss bank today reported net revenues of Sfr5.2bn ($5.9bn) from its investment bank in the first three months, which is 6% down on the same period last year and 42% up on a poor fourth quarter.