Surging underwriting and advisory fees helped Credit Suisse's investment bank shrug off flat trading as first-quarter profits rose 27% in Brady Dougan's final quarter in charge before he becomes group chief executive.

Pre-tax profits at the investment bank, where Dougan has been chief executive since July 2004, rose 27% to Sfr2bn (€1.2bn) in the first three months of the year from Sfr1.6bn at the same time last year, as net revenues grew twice as fast as costs, increasing 14% to a record Sfr6.6bn.