Deutsche Bank reported a 10% rise in first-quarter profit, beating expectations

Deutsche Bank headquarters in the financial district of Frankfurt, Germany, on Thursday, February 1, 2024.

Bloomberg |

Deutsche Bank Net profit attributable to shareholders in the first quarter announced Thursday was 1.275 billion euros ($1.365 billion), a 10% year-over-year increase.

Analysts had forecast results for the period of 1.23 billion euros, according to LSEG data.

Revenue rose 1% year-on-year to 7.8 billion euros, attributed to an increase in bank commission and fee income as well as fixed income and currency strength. Revenue was above analysts’ forecasts of 7.73 billion euros, according to LSEG.

Other highlights of the first quarter include:

• The private banking and wealth management sectors saw net inflows of €19 billion.
• Provisions for credit losses were 439 million euros, down from 488 million euros in the fourth quarter of 2023.
• The common equity tier 1 (CET1) capital ratio, a measure of a bank’s solvency, was 13.4%, up from 13.6% a year ago.

Germany’s largest bank announced a net profit of 1.3 billion euros for the fiscal year 2019 last quarter, up from 1.16 billion euros in the first quarter last year.

In 2023, the bank announced that it would cut 3,500 jobs over the next few years with the aim of improving operational efficiency by €2.5 billion to improve profitability and boost shareholder returns.

This is a breaking news and will be updated soon.