Deutsche Bank reports its best quarterly profit for seven years

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• Germany’s largest lender followed in the footsteps of many of its Wall Street rivals in posting a substantial earnings beat.
  
• The bank also avoided the fallout from collapsed U.S. hedge fund Archegos Capital which saw UBS, Credit Suisse and several others take significant hits in the first quarter.
  

LONDON — Deutsche Bank on Wednesday reported a 908 million euro ($1.1 billion) profit for the first quarter, buoyed by continued strong performance in its investment banking division.


The bank vastly exceeded analyst expectations for net income of 642.95 million euros, according to Refinitiv, and showed a marked improvement from the 51 million euro profit eked out in the fourth quarter of 2020.

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