Deutsche Bank AG, Germany's biggest bank, reported a 48% increase in first-quarter profit as record earnings at the investment bank outweighed a loss from asset and wealth management.

Net income rose to 1.76 billion euros ($2.35 billion), or 2.66 euros a share, from 1.19 billion euros, or 1.92 euros, in the year-earlier period, Deutsche Bank said Tuesday.

Pretax profit at the investment banking unit doubled to 2.6 billion euros, accounting for more than 90% of overall earnings. Chief Financial Officer Stefan Krause said the second quarter got off to a "good start," but he said the first quarter should not be extrapolated to the full year.

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