Deutsche Bank has been bounced into reporting its first quarter results a day early after a media report that it was on course to deliver record-breaking profits of €1bn ($1.3bn). The German bank's after-tax profits were dramatically ahead of market expectations.

In a special statement to the German stock exchange today, Deutsche Bank disclosed that its pre-tax profits for the three months to the end of March hit €1.8bn and return on equity was 30%, in excess of the annual target of 25% set by Josef Ackermann, chief executive last year.