Deutsche Bank AG’s shares rose to the highest in a decade after reporting better-than-expected trading results, as Germany’s largest bank continues its recovery under Chief Executive Officer Christian Sewing.

Deutsche Bank shares jumped 7% in premarket.

Income from trading bonds and currencies rose 11% to €2.28 billion from a year earlier, beating analyst estimates for revenue of €2.20 billion and mirroring a strong performance across Wall Street. The shares rose as much as 8.4%, to the highest since August 2015.

Chief Financial Officer James von Moltke told Bloomberg Television the entire investment bank division has had a “good start” to the current quarter. “That gives us some real confidence about what lies ahead,” he said.

Sewing said the results put the lender on track to meet its targets for the year. Since taking over in 2018, when Deutsche Bank was caught in a downward spiral and distracted by infighting, he has focused the lender on its traditional strength in fixed income and corporate banking and boosted profitability and shareholder payouts. It has since regained trading market share, aided by several credit rating upgrades.

Deutsche Bank reiterated on Thursday that it has filed an application for a share buyback with the European Central Bank but didn’t specify an amount. It said that the implementation of capital rules known as CRR3 won’t impact its payout strategy, apparently in response around prior market speculation around the issue.

Speaking on an analyst call, von Moltke said that Deutsche Bank would be able to pay out more than half of its prior year’s profit if its CET1 ratio — a measure of capital strength — is consistently above 14%. That metric was 14.2% at the end of the second quarter, beating the analyst estimate of 13.9%.

Deutsche Bank was trading 7.3% higher at 12:13 p.m. in Frankfurt, the best performer in an index of European banks. That brings its share price gains this year to 70%.

With investors seeking to diversify away from the US and toward Europe, where governments have vowed to spend hundreds of billions of euros on defense and infrastructure, Sewing has said Deutsche Bank stands to benefit as one of the few remaining global investment banks on the continent.

“Our clients want to have a European alternative to the US banks,” he said in an interview on Monday.

Deutsche Bank’s income from advising on deals and capital raisings, an area the lender has recently built up, fell 29% in the second quarter. That resembles declines across Wall Street as clients put bond and stock sales on hold.

Von Moltke said in the Bloomberg TV interview on Thursday that Deutsche Bank is committed to its investments in the unit even though recovery in deals generally has been taking longer than expected.