Deutsche Bank's corporate banking and securities division, which houses its giant sales and trading operation, generated close to 80% of the group's clean pre-tax profit in the first quarter, according to analysts, as the fixed income unit outperformed expectations.

The German bank's corporate and investment bank - which includes corporate banking and securities and global transaction banking - this morning reported €6.2bn in first quarter revenues, down 8% year-on-year, and more than double fourth quarter revenues.