FRANKFURT, Germany, April 29, 2026 (BSS/AFP) - Germany's largest lender Deutsche Bank said Wednesday it posted record profits in the first-quarter, boosted by its asset management and private banking businesses.

After-tax profit rose eight percent to 2.2 billion euros ($2.57 billion), the bank said, even as revenue rose only two percent to 8.67 billion euros.

Deutsche Bank's cost/income ratio fell to 58.9 percent in the first quarter, down from 61.2 percent the previous year.

"This quarter's record profit gives us a great start," Deutsche Bank CEO Christian Sewing said.

Profit shrunk 7 percent at Deutsche Bank's investment bank, which advises corporate clients on mergers and helps them raise money on markets.

Though the division is Deutsche Bank's largest business, the fall was offset by big rises at the asset management and private banking units, which invest money on behalf of clients.

Deutsche Bank stuck with its guidance for the year, saying it expected revenue of 33 billion euros for the year while promising "operating efficiencies".

Sewing said in March last year that Deutsche Bank would cut headcount at its retail bank by almost 2,000 people and close some branches.