Deutsche Bank in record profit

DEUTSCHE Bank profits jumped by almost 50 per cent jump to €1.8bn euros (£1.6bn) for the first quarter.

Germany’s largest lender said its corporate and investment banking arms had recorded record profits.

The bank put aside €262m euros to cover bad loans in the first quarter, 50 per cent down on the same period last year.

Chief executive Josef Ackermann said: “The economic environment clearly stabilised in the first quarter.”