Germany's largest bank, the Deutsche Bank, reported on Wednesday a record net profit increase in the first quarter of the year.

The bank said that its net profit increased by 55 percent to 1.7 billion euros (about 2.15 billion U.S. dollars) while the pre-tax profit went up 46 percent to 2.6 billion euros compared to the same period last year.

"This is the most profitable first quarter in Deutsche Bank's history," said the bank's chief executive Josef Ackermann when releasing the report.

The sales and trading revenue rose by 37 percent to 4.4 billion euros (5.28 billion dollars) with 71 percent of the banks total revenue now generated by investment banking.

"Market conditions are faborable," he said. "We reaped full benefits from our strategic positioning, our integrated business model and our focused investments in growth businesses and markets."

Source: Xinhua