Deutsche Bank on Tuesday said it bounced back into profit in the 2009 first quarter after a disastrous last quarter of 2008. Better trading for many of Deutsche’s key debt businesses helped it lift net income to €1.2bn ($1.5bn), which exceeded analysts’ forecasts and compared with a net loss of €141m a year ago. In the prior quarter – when Deutsche’s trading positions went badly wrong following Lehman Brothers’ collapse – the bank lost €4.8bn. The results came hours after Germany’s largest bank said chief executive Josef Ackermann would stay on in his post for a further three years.

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