Deutsche Bank AG has long been branded one of the most troubled global lenders. Now, a year into a turnaround plan that has notched some early successes, it is the best-performing large bank stock in the world.

The German bank’s shares have risen 19% this year, albeit from a low base, compared with a benchmark index of European bank stocks that has fallen 35%. That is good enough to handily outstrip the share performance of big profitable U.S. banks like JPMorgan Chase & Co. and Goldman Sachs Group Inc.

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