Deutsche Bank's (DB) US distressed products group reported a more than 100% increase in its Q1 net profit from a year earlier, Bloomberg reported Tuesday, citing unnamed people familiar with the matter.

The team posted over $100 million in net profit, partly fueled by shorting a basket of software companies' debts, the people told Bloomberg.

The performance was aided by long positions in the debt of Brightspeed and the equity of Tronox Holdings (TROX), as well as short positions in the debt of Xerox Holdings (XRX), according to Bloomberg.

The German lender did not immediately respond to MT Newswires' request for comment.

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