Credit Suisse's first-quarter net profit shrank, as a 1.5 billion Swiss franc loss on its own debt ate into profits.

In a statement on Wednesday, the Swiss bank didn't add to ongoing job cuts of 7 percent of its workforce, or roughly 3,500 staff, as some analysts had expected.

Credit Suisse posted a net profit of 44 million Swiss francs, compared to 1.13 billion net profit last year. Analyst estimates in a Reuters poll called for a 436 million Swiss franc net loss.

Our performance in the first quarter is indicative of what our business model can produce and it underscores the strength of the client franchise we have built over the past years, Chief Executive Brady Dougan said in a statement. The bank didn't provide an outlook.

Stripped of the debt loss, Credit Suisse's first-quarter profit was 1.355 billion Swiss francs.

Banks can record gains if the value of their debt falls, since it becomes theoretically cheaper to repurchase it, and conversely book losses if the value of the debt rises, as rival UBS is expected to do when it reports the quarter on May 2.

(Corrects first paragraph to read net profit shrank instead of net loss shrank)