Deutsche Bank profit surge tops Wall St rivals

After years in the doldrums, Deutsche Bank just outshone its Wall Street rivals.

The German lender beat forecasts for the first quarter, posting a net profit of $1.1 billion.

That was around fifty percent better than analyst forecasts, and its best quarter since early 2014.

The gains were driven by strong business in its investment banking division.

Revenue from bond and currency sales and trading leapt 34%, beating U.S. rivals including Goldman Sachs and JP Morgan.

The investment bank's performance helped Deutsche eke out a small profit for the full year - its first after five straight years of losses.

Analysts now expect Deutsche to stay in the black for 2021 as well.

It's all good news for Chief Executive Christian Sewing.

Two years ago he began a radical restructuring that involved shedding 18,000 staff.

Sewing said the new numbers put the bank on track to hit profitability targets.

But some analysts ask if the investment banking boom can continue.

Meanwhile, low interest rates and a slowdown in global trade continue to pressure other divisions.

Even so, Deutsche Bank shares soared as much as 9% in morning trade Wednesday (April 28) following the results.