Deutsche Bank returned to profit for the first time in six years as revenues in its investment bank — a key target of its strategic overhaul that will see 18,000 jobs lost — surged on the back of fixed income trading.

The German lender posted net profits attributable to shareholders of €113m last year, ahead of analyst consensus and up from a €5.7bn loss in 2019, as it pushed ahead with a radical overhaul its business. Revenues were €24bn, up around 4% on 2019.