Credit Suisse is one of the first major European banks to report in this earnings season ... It's one of the first globally to give markets an upside surprise.

Quarterly net profits at 734 million dollars are ahead of forecasts - and show an increase of eight per cent.

The bank confirmed its full-year guidance - and said it was cautiously optimistic about Q2.

"In a challenging quarter," Chief Executive Tidjane Thiam said, "we achieved our fifth consecutive quarter of positive income." UBS, Barclays and Deutsche Bank are among the big names reporting later in this week .... With markets waiting nervously after underwhelming numbers from their US peers dragged financials down on Wall Street last week.

Credit Suisse is still fresh from a three-year restructuring.

Its shares rose around three per cent to a six-month high on the news .... As gains in equities and deeper ties between trading and private banking were seen helping offset the lower revenue that it - like its peers - has been suffering.