Deutsche Bank swings to Q1 profit on investment bank strength

Deutsche Bank swung to better-than-expected net profit in the first quarter of 2021 as strength at the investment bank helped offset the headwinds of an ongoing restructuring program and the coronavirus pandemic.

The German lender said on Wednesday that its net profit attributable to shareholders was 908 million euros ($1.10 billion), which compares with a year-earlier loss of 43 million euros. Analysts had expected a profit of almost 600 million euros.

It was the strongest quarter for Deutsche in years, as revenue at its fixed-income trading business and origination and advisory services surged, trends that have also lifted profits of competing banks. ($1 = 0.8282 euros)

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