Deutsche Bank shares rally after reporting record quarterly profit

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Deutsche Bank shares rally after reporting record quarterly profit

Deutsche Bank shares jumped on Wednesday after the German bank reported its highest quarterly profit in seven years.

This first quarter is further evidence that Deutsche Bank is on the right path in all four core businesses and is building sustainable profitability, said Christian Sewing, Chief Executive in the company's financial update.

The gains in shares on Wednesday will build on its 13% surge so far this year.

Sewing has led a two-year effort to restore steady lines of business, cut costs and exit market profitability.

Results revealed a very different narrative for the bank, which had struggled for years with high costs and low profits as it faced heavy fines and trouble with regulators over things such as selling mortgage-based bonds that went bad.

Sewing told investors that he is confident to meet 2022 targets by 2020.

This report contributed to the Associated Press.

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