Deutsche Bank posted an 18 per cent rise in quarterly net profit as crisis-era investment at the investment bank and deals to expand its retail and wealth management operations helped it outperform its peers.

Germany’s biggest lender said first-quarter net profit rose to €2.1 billion, compared with a forecast for €1.82 billion in a poll.

The quarterly figure was second only to the €2.13 billion seen in the first quarter of 2007.

Deutsche Bank said that it remained confident it can deliver its 2011 target of €10 billion pretax profit.