Investing.com -- Deutsche Bank (ETR:DBKGn) has reported first quarter income that topped analyst expectations thanks in part to strength at the lender's investment banking division that stemmed from solid fixed-income trading and deal advisory activity.
Net profit attributable to shareholders increased by 10% compared to the year-ago period to 1.275 billion euros in the January to March period, just above estimates of 1.2 billion euros cited by Reuters. It was the 15th straight quarterly profit for the German group, which had previously been dented by steep losses over much of the past decade.
"We again generated solid revenue momentum in an environment of normalizing interest rates, thanks to a well-balanced business model," said Chief Executive Officer Christian Sewing in a statement.
The standout performer was Deutsche's investment banking unit, where revenue grew by 13% to 3.047 billion euros. Fixed income and currencies revenue rose by 7% to 2.5 billion, while advisory revenues expanded by 54% to 503 million euros -- the highest mark in nine quarters.
Analysts at Citi called the results "solid," although shares were trading marginally lower in mid-day European trading on Thursday.