Credit Suisse's Asia-Pacific chief Helman Sitohang believes Australia will be among the region's outperforming markets for the firm over the next 12 to 18 months, despite the high cost of some marquee hires. 
Mr Sitohang told Fairfax Media that Credit Suisse could continue to grow earnings in Australia and the region by taking market share from rivals, even if deal activity remained sluggish. 
He said Australia was already punching above its weight for the firm in the region. 
"In the first quarter numbers and year-to-date I think Australia has been one of our bright spots in the region," Mr Sitohang said, noting the firm expected further upside from recent hires.
"It's hard to deny that the activity in China is, for example, higher, but for us our private banking numbers [in Australia] and our investment banking and equities numbers are all better than last year.
"Investment banking fees are down in Australia but we are up - and that is the case in APAC as well."
In the region, Credit Suisse focuses on sub-geographies including Australia, Greater China, south-east Asia, South Korea, Japan and India.
Credit Suisse was one of five banks working on Oil Search's US$2.2 billion tilt for InterOil, announced last week. The firm lined up with Morgan Stanley and UBS to advise the target.
Mr Sitohang said he knew InterOil chief Michael Hession well after meeting him three years ago. 
Mr Sitohang has charged local boss John Knox with making high-profile hires. Former UBS banker Michael Stock is joining next month to head the investment bank, while Jean du Plessis will run the financial institutions group. Industry stalwart Simon Cox has started in equity capital markets.
The firm has also markedly expanded its private bank, luring staff from companies including ANZ Banking Group and Westpac Banking Corp.
Mr Sitohang said he remained optimistic on Credit Suisse's medium-term regional prospects, even though deal activity in 2016 has been lacklustre. 
"If you take the normalised view and say three to five years down the road ... I still think it will be a more active market."
Credit Suisse's global chief Tidjane Thiam has singled out the Asia-Pacific region as a key area of growth as other parts of the world endure sharp cost-cutting. 
Globally, the firm reported a loss of 302 million Swiss francs ($422 million) in the first quarter, slightly ahead of analyst forecasts.
Revenues for the Asia-Pacific region were down 18 per cent in the first quarter when compared to the year-earlier period. 
For the region, Credit Suisse ranks fourth for merger advisory so far this year, up from eighth at the same time in 2015, according to Dealogic. In Australia, with the addition of the InterOil transaction, Credit Suisse looks likely to also rank in fourth spot for 2016. 
In ECM, Credit Suisse sits outside the Asia Pacific top 10, while in Australia the firm is in fourth spot. Locally, it has worked on deals including the float of WiseTech Global. 
Mr Sitohang conceded that part of Credit Suisse's local hiring was to rectify missed opportunities, such as failing to secure a role on last year's bumper capital raisings by Australia's major banks.
"We wish we were on those deals, but at the same time we have hired," he said.
Local entity Credit Suisse Holdings posted a net profit of $16.7 million for 2015, up from $13.3 million a year earlier. The result was underpinned by trading activity and investment banking fees.
In a black mark against the firm last week, however, the corporate regulator said its equities arm paid a $74,000 penalty to comply with an infringement notice.