Germany's biggest lender Deutsche Bank has said net profit in the first quarter of this year jumped 50% from a year earlier to €1.8 billion. Analysts had expected a net profit of €1.4 billion.
Turnover rose 24% to €9 billion, while provisions against bad loans were cut by 50% to €262m.
'Our investment banking business was crucial in obtaining these results,' chief executive Josef Ackermann said in a statement.
He said the investment banking business posted a record performance with earnings of €2.7 billion in the quarter. Mr Ackermann said the world economy stabilised in the first quarter, but some risks remained. The bank did not give an outlook for the full year.
