Shares of Deutsche Bank (NYSE:DB) were more than 10.7% higher as of 11:05 a.m. this morning after the investment bank reported its earnings results for the first quarter of the year.
The German bank reported a profit equivalent to roughly $1.2 billion in the first quarter of 2021 on total revenue equivalent to $8.7 billion, marking its best quarter in seven years and beating earnings estimates.
The investment bank division led the way, posting revenue equivalent to $3.7 billion due to an extraordinarily strong quarter in fixed-income currency sales and trading.
The bank also managed to avoid any involvement with the collapse of Archegos Capital Management, which led some investment banks like Credit Suisse (NYSE: CS) to take big losses in the first quarter.
The strong quarter is not exactly a huge surprise, considering most investment banks are reporting blowout results, with activity bolstered by the pandemic.
But Deutsche Bank also posted strong results in its private and corporate banking divisions. And it was great to see the bank, which has been involved in a host of regulatory issues over the years, avoid the Archegos scandal, so perhaps this is a turning point for the stock.