Switzerland’s second biggest bank Credit Suisse has posted a net profit of 44 million Swiss francs for the first quarter of 2012.

That’s a steep decline on the same time last year when net profit rang in at 1.13 billion francs.

The bank says the results are down to paying out big charges on its debts and higher bonuses.

CEO Brady Dougan nevertheless called the results a good start to the year.

In the fourth quarter of 2011, Credit Suisse posted its first loss since 2008 when it restructured its investment banking division.