Frankfurt - Deutsche Bank said Tuesday it returned to the black in the first quarter of 2009, posting a 1.2-billion-euro (1.55 billion dollars) surplus, beating analysts' expectations. Germany's largest financial institute credited a massive recovery in its investment banking operations for the result, which compares with a loss of 144 million euros in the first quarter of 2008.

Pre-tax earnings in the first quarter came to 1.82 billion euros, compared with losses of 254 million euros a year earlier. the Frankfurt-based banking giant said.(dpa)