Deutsche Bank this morning reported a 63% fall in pre-tax profits at its corporate banking and securities unit in the three months to the end of June, leaving analysts disappointed by the division’s worst second quarter since it posted a loss in 2008.

While Deutsche Bank fared better than Swiss rival UBS, whose investment bank today posted a quarterly loss, the German bank's second-quarter pre-tax profits from corporate banking and securities fell to €357m from €969m a year ago. The decline compared with the first three months of this year was even more pronounced, as profits dived 79% from €1.7bn.