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Deutsche Bank profit rises 10% in first quarter
Germany's Deutsche Bank posted a net profit of 1.422 billion euros in the first quarter, a 10% increase on the same period in 2023 and its highest first-quarter net income since 2013.
© Lusa
Economia Deutsche Bank
In a statement released today, the bank reported a 1.3% year-on-year increase in revenue to €7,779 million through March, driven by a 13% growth in its investment banking business, to €3,047 million.
Revenue from asset management rose 5% to €617 million, offsetting a 5% drop in corporate banking revenue to €1,878 million and a 2% decline in private banking to €2,378 million.
According to Deutsche Bank, net interest income fell year-on-year due to the stabilisation of interest rates.
Non-interest expenses reached €5,300 million through March, down 3%, as the bank launched a plan to cut 3,500 jobs to reduce costs by up to €2.5 billion by 2025.
Return on tangible equity (RoTE) was 8.7% for the period, up from 8.3% in the first quarter of 2023, with earnings growth offsetting an increase in tangible equity.
Provisions for non-performing loans increased by 3% compared to the previous quarter, to €471 million, due to risks in commercial real estate and provisions related to the operating portfolio, which the bank expects to reverse in the coming quarters.
The CET1 capital ratio stood at 13.4% at the end of March, compared to 13.7% in the first quarter of 2023, with organic capital generation offsetting the effects of share buybacks and dividends.
The leverage ratio was 4.5% at the end of March, virtually unchanged from December, while the liquidity coverage ratio stood at 136%, compared to 140% at the end of 2023.
Between January and March, Deutsche Bank's customer deposits increased by €13 billion to €635 billion.
Read Also: Deutsche Bahn records a loss of €2.35 billion in 2023 (Portuguese version)
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