Investment banking boosts Credit Suisse

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Credit Suisse on Tuesday reported a 23 percent rise in net profit in the first quarter from the year-ago period.

The Swiss banking giant said it logged earnings of 1.054 Swiss francs ($1.1 billion) in the January-March period, better than the 1.034 billion Swiss francs forecast in a Reuters poll.

The bank attributed the stronger earnings to market volatility, which boosted its trading volume, and its private banking business.

Credit Suisse, which has scaled back its investment banking unit, said it remains committed to achieving cost savings by 200 million Swiss francs by end 2017.

The earnings announcement is expected to be the last under the watch of CEO Brady Dougan, who is stepping down in June, handing the reins over to Prudential boss Tidjane Thiam.

- Reuters contributed to this report.

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