Deutsche Bank Q1 profits boosted by investment banking
By Michele Maatouk
Date: Thursday 25 Apr 2024
(Sharecast News) - Deutsche Bank posted a jump in first-quarter pre-tax profit on Thursday, underpinned by a solid performance from investment banking.
Pre-tax profit rose 10% to €2bn, with net profit up 10% to €1.5bn. Net revenue nudged up 1% on the year to €7.8bn, mainly driven by 11% growth in commissions and fee income.
Deutsche said revenues were "resilient" in a stabilising interest rate environment.
Revenue from the investment bank pushed up 13% to €3bn, with fixed income & currencies revenues 7% higher at € 2.5bn.
Corporate bank revenues declined by 5% to €1.9bn, while private bank revenue was down 2% at €2.4bn.
Chief executive Christian Sewing said: "This quarter we achieved double-digit profit growth, and our highest first quarter profit since 2013, through disciplined execution of our Global Hausbank strategy. We again generated solid revenue momentum in an environment of normalizing interest rates, thanks to a well-balanced business model.
"As promised, we delivered on our cost target and we are determined to maintain this discipline. Our strong capital base enables us to increase distributions to shareholders while supporting business growth. On all dimensions, we are firmly committed to continued delivery on our path towards our 2025 goals."
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