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Deutsche Bank posted a first-quarter profit of more than $1 billion, marking its best quarterly financial results in seven years.
The fat profit is a marked turnaround for a bank that suffered five years of losses and numerous run-ins with regulators. Over the last two years, the bank fired 18,000 people as part of a massive restructuring effort.
Deutsche Bank’s shares soared 11 percent on the news to close at $13.72.
The German financial giant joins American peers JPMorgan, Morgan Stanley and Goldman Sachs in reporting better than expected results.
And unlike Credit Suisse, Nomura and UBS, Deutsche Bank confirmed Wednesday that it avoided heavy losses from the implosion of Archegos Capital.
“Our first quarter is further evidence that Deutsche Bank is on the right path in all four core businesses, and is building sustainable profitability,” Deutsche Bank CEO Christian Sewing said in a statement.
The investment-banking and asset-management division were behind the bank’s better-than-expected numbers, with those two units increasing revenue 23 percent year-over-year.