Deutsche Bank’s pretax profit fell by 30 per cent in the first quarter to €1.68 billion, the bank said on Tuesday, depressed by an industry-wide slump in bond trading revenue.

Pretax profit in the investment banking division fell by more than a fifth, dragged down by a 10 per cent fall in trading income, the bank said in a statement.

The division includes Deutsche Bank’s main trading unit - fixed income, currencies and commodities, or FICC.

Deutsche Bank had been expected to post quarterly pretax profit of €1.4 billion, around 1 billion less than a year earlier, according to the average result of a Reuters poll.

Reuters