FRANKFURT, Germany (AP) — Swiss bank Credit Suisse says its net profit fell 34 percent in the first quarter, more than expected, as bond-market woes hurt earnings at its investment banking business.

Profit dropped to 859 million Swiss francs ($979 million) from 1.303 billion francs in the same quarter a year ago. The figure was short of analyst estimates of 1.1 billion francs as compiled by financial information provider FactSet.