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Deutsche Bank sees 11-year high quarterly profit

3 weeks ago
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Deutsche Bank

Source:euronews.com

Deutsche Bank has recorded a first quarter net income of €1.45 billion, 10% more than the total made during the same period last year. The figure came in above analysts’ expectations and also marks the group’s highest first-quarter profit since 2013.

Net revenues, meaning earnings made before deducting expenses, grew 1% year on year to €7.8 billion, which was primarily driven by growth in commissions and fee income. Meanwhile, revenue at Deutsche Bank’s investment wing was up 13%, at €3 billion. This was boosted by a 7% increase in trading of fixed-income assets such as bonds.

Origination and advisory revenues within the investment wing were also up 54%, the highest level for nine quarters, and financing revenues saw a 14% year-on-year rise. That division is responsible for a range of financial services; for example, employees may advise clients on mergers and acquisitions or on how to optimize their business operations more generally.

The strong results on the investment front mark a turning point following a 9% revenue slump recorded for the whole of 2023. CEO Christian Sewing has pledged to lift Deutsche Bank’s total revenue to €30 billion this year in a bid to boost profitability.

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