On Monaday the largest bank in Germany surprised investors with preliminary earnings data that seemed to be higher than was forecasted, Bloomberg reports.

It is not clear yet what caused profit jump at Deutsche Bank. If it happened due to wider credit spread, then this result is not sustainable, analytics think. It indicates that it is too early to talk about bank's recovery.

However, earnings growth is good news for the bank's investors that were observing shares drop to the lowest levels, as well as managment reshuffle and implementation of turnaround plan for global presence and jobs reduction.

Shares of Deutsche Bank grew by 7,3% after news were published. As a result, yearly losses were reduced to 35%. In 2018 Deutsche Bank shows worst results among banks in Europe.

Net income in second quarter will be about 400 million euro, which is 14% lower than last year, but much higher than forecasted 159 million estimated by experts. Trading revenue dropped 15%, which is worse than forecasted 10%.