Credit Suisse has become the latest investment bank to report bumper results, unveiling third-quarter figures that equalled its earnings at the height of the credit boom.

The Swiss bank’s profits in the third quarter reached SwFr2.35 billion (£1.44 billion), up from SwFr1.57 billion in the second quarter, boosted by a strong performance in investment banking, fixed income and private banking. The figure exceeded analysts’ predictions and compared with a loss of SwFr1.26 billion during the same period a year ago.

Credit Suisse has weathered the global financial crisis much better than UBS, its Swiss rival, which has been kept afloat with a bailout by taxpayers. UBS is to report its quarterly results on November 3. Credit Suisse’s strong earnings come after similarly upbeat pictures from Goldman Sachs and JPMorgan Chase last week.

Financial institutions with big investment banking arms have so far had a year that has rivalled performance during the boom. They have benefited from the high level of volatility in the market, debt issuance from governments around the world to deal with the financial crisis, and the collapse of competitors, including Bear Stearns and Lehman Brothers.

Brady Dougan, Credit Suisse’s chief executive, said: “We are confident about our business model and our competitive position. If markets remain constructive, we expect to be able to maintain our momentum. Even if markets become more difficult, we believe that Credit Suisse is still positioned to perform well.”

Pre-tax profits in Credit Suisse’s investment banking division hit SwFr1.75 billion, up 5 per cent on the second quarter, although revenues fell by 16 per cent to SwFr5 billion, partly reflecting the summer slowdown.

Private banking reported net new money of SwFr13.1 billion, indicating a return of confidence among clients.

Pre-tax profits in private banking fell by 7 per cent from the previous quarter to SwFr867 million.

Credit Suisse laid out plans this week to reform pay policies in line with G20 pledges by other banks.

Times Recommends

• Toyota recalls 437,000 cars including Lexus
• Myners says bonuses are bleeding pension funds
• Japanese company faked safety reports on seats