Credit Suisse Group's first-quarter net profit rose 23%, on gains at its private banking business and after market volatility boosted securities trading.
Credit Suisse, the first European investment bank to report quarterly earnings, said on 21 April that its net profit stood at CHF 1.054bn (£739.3m, €1.03bn, $1.1bn), beating expectations.
The Zurich-based bank's net profit in the corresponding period a year ago was CHF 859m.
The earnings announcement is expected to be the last under CEO and company veteran Brady Dougan, who will step down in June and hand the reins over to Prudential boss Tidjane Thiam.
Credit Suisse said in a statement: "...As of the end of 1Q15, Credit Suisse achieved cost savings of approximately CHF 3.6bn since the start of the expense reduction program in 2011. Further cost savings are expected to be delivered over the balance of the year, reaching CHF 4.0–4.25bn by the end of 2015. However, headwinds from higher risk, compliance and regulatory costs across both divisions are anticipated.
"Credit Suisse also remains committed to achieving incremental cost savings of approximately CHF 200m by the end of 2017 through a better alignment of the Swiss franc cost and revenue base within Private Banking & Wealth Management."
Dougan commented: "...Wealth Management Clients generated a particularly strong result, with improved margins, increased profitability and good net asset inflows from key growth regions. In our well-diversified Investment Banking franchise, we achieved consistent strategic results and reported a return on regulatory capital of 19%, despite further significant deleveraging.
"Our swift and proactive response to the changed currency and interest rate environment post the Swiss National Bank's announcement, combined with an improvement in market activity, mitigated the impact on our results and led to higher revenues in our Wealth Management Clients business.
"Looking at the second quarter to date, the momentum in the businesses has carried over from the first quarter, with an improving trend in underwriting and advisory. We remain committed to our capital and leverage goals and expect to make further progress in executing our strategic initiatives over the balance of 2015."
Earlier in the month, Deutsche Bank analysts Matt Spick and Omar Keenan said in a note to investors: "With new management comes the potential for a new strategy, and we expect regulatory change to play a major part in Thiam's thinking."