Credit Suisse profits surge on trading

Credit Suisse Group AG, the biggest Swiss bank by market value, reported first-quarter profit that exceeded analysts' estimates on a recovery in trading revenue.

Credit Suisse rose as much as 8.2 percent in Swiss trading after reporting net income of 2 billion Swiss francs ($1.7 billion), twice the median estimate of analysts surveyed by Bloomberg News. The Zurich-based bank rebounded from a 2.15 billion-franc loss in the year-earlier period.

CEO Brady Dougan said he's "optimistic" about the bank's prospects, after cutting 5,300 jobs and eliminating money-losing businesses at the investment bank. Zurich-based UBS AG, which hired Dougan's former boss Oswald Gruebel as CEO this year, reported a first-quarter loss of almost 2 billion francs last week.