Swiss bank Credit Suisse has reported a 45% drop in first-quarter net profit as it sustained 617 million Swiss francs ($700m) in valuation losses on debt and derivative liabilities.

Net profit attributable to shareholders reached 1.1 billion Swiss francs in the first quarter, the banking group said in a statement, largely in line with analysts' forecasts.

Credit Suisse experienced a slowdown in the growth of new money flowing into the bank. Net new money coming in fell by 26.5% from a year earlier, when it was partly profiting from the weakness of Swiss rival UBS.

First-quarter net revenues grew by 13% to 7.8 billion Swiss francs, while the bank said its results were weakened by the strength of the Swiss franc against the euro and the dollar.