The headquarters of Deutsche Bank AG in the financial district of Frankfurt, Germany, Thursday, February 1, 2024.
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German Bank announced on Thursday a net profit attributable to shareholders of 1.275 billion euros ($1.365 billion) in the first quarter, an annual increase of 10%.
Analysts were expecting a result of 1.23 billion euros for the period, according to LSEG data.
Revenue rose 1% year-on-year to €7.8 billion, which the bank attributes to growth in fees and income, as well as strength in fixed income and currencies . The turnover also exceeded analysts’ forecasts by 7.73 billion euros, according to LSEG.
Other first quarter highlights include:
- Net inflow of 19 billion euros in the Private Banking and Asset Management divisions.
- Provisions for credit losses amounted to 439 million euros, down from 488 million in the fourth quarter of 2023.
- The Common Equity Tier 1 (CET1) ratio, a measure of banks’ solvency, was 13.4%, compared to 13.6% in the same period last year.
Germany’s largest lender reported a net profit of 1.3 billion euros in the previous quarter and 1.16 billion euros in the first quarter of last year.
In 2023, the bank announced it would cut 3,500 jobs over the coming years as it targets €2.5 billion in operational efficiencies to increase profitability and increase shareholder returns.
This is breaking news and will be updated shortly.
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