Deutsche Bank' staged a €1bn turnaround in the first quarter of this year driven by corporate and investment banking, private clients and asset management. The bank said the results were the best since it started reporting under US accounting rules in 2001.

Deutsche's net income for the first three months of this year was €941m compared with a net loss of €219m in the same period last year. At the pre-tax level profits increased sevenfold from €234m to €1.6bn ($1.9bn).