2017.04.2702:49:00UTC+00Deutsche Bank’s First Quarter Profit Swings Back to Growth

Deutsche Bank's first quarter earnings increased by more than twofold as Germany's biggest lender benefited from the increase in market activity at the start of 2017.

The bank registered a net profit of 575 million euros in the three months to March, up from the 236 million euros in the same period from a year prior. This topped estimates of 522 million euros profit for the period. Net income from January to March advanced to 571 million euros from the 214 million euros a year earlier, beating average projections of 475 million euro by analysts.

Trading revenue, its biggest source of income, advanced 11 percent during the first quarter from the same period a year earlier, less than half of the 24 percent jump in combined fixed income revenue posted by five largest U.S. investment banks.Meanwhile, income from the stock trade, fell 10 percent.

Revenues slid 9 percent to 7.3 billion euros, partially because of the movements in Deutsche's credit spreads.

CEO John Cryan, who has been struggling to turnaround the company's fortunes since taking control almost two years ago, welcomed Deutsche's steady performance during the start of the year.