Deutsche profits hit €2.8bn after record return at investment bank

Profits at Deutsche Bank, based in Frankfurt, soared by half in the first quarter to €2.8bn (£2.4bn) after a record performance by its investment banking division, and stabilisation in the wider economy.

Deutsche's chief executive, Josef Ackermann, praised the corporate and investment banking business as the "key component" of the group's second best quarterly performance ever, with the division doubling profits to €2.7bn. "This is all the more remarkable as it was achieved despite the fact the bank has significantly reduced its risk positions and cut its proprietary trading activities to a very low level," Mr Ackermann added. He cautioned that the economy was "not without some remaining vulnerability".