Deutsche Bank's shrunken investment bank generated more profit in the first quarter of 2020 than it did in all of last year as the German lender benefited from a huge upswing in bond issuance and increased trading revenues because of the Covid-19 crisis.

In the first quarter, profits in the division were €622m, nearly 150% up on the same period last year and more than the €445m it made in the whole of 2019. It follows years of puny returns in the division and numerous strategy changes as successive CEOs have looked to turn performance around. The figure was 99% above analyst expectations.