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Deutsche Bank’s first quarter earnings more than doubled as Germany’s biggest bank benefited from a pick-up in market activity at the start of the year.

In the three months to March, Deutsche managed a net profit of €575m, up from €236m in the same period a year earlier, when markets were roiled by concerns over Deutsche’s financial strength. Analysts had forecast €522m.

However, revenues fell 9 per cent to €7.3bn, partly due to movements in the bank’s credit spreads.

John Cryan, who has been working to revive the bank’s fortunes since becoming chief executive almost two years ago, said that he was “pleased” with Deutsche’s start to the year.

“Client engagement is strong, asset flows are returning across the bank and activity is picking up. Our cost-cutting efforts are starting to pay off, while we have reduced complexity significantly,” he said. “We have laid firm foundations upon which Deutsche Bank can once again deliver good results.”

Deutsche’s core capital ratio – a closely watched measure of financial strength – stood at 11.9 per cent at the end of the quarter. However, taking into account the capital increase which finished in early April, Deutsche’s capital ratio reached 14.1 per cent.

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