Deutsche Bank has emerged as the only investment bank to have reported an increase in revenues from fixed income sales and trading compared to the same period last year, bucking the downward trend that has beset its peers and further consolidating its position as the pre-eminent flow house in Europe.

Revenues from credit sales and trading were €2.2bn for the three months ended September 30 - a 5% increase on both the previous quarter and the same period last year. The performance stands in stark contrast to competitors. So far, all major US and European banks to have reported third quarter results have seen a decline in revenues from the business owing to thin trading volumes and tighter spreads.