Welcome to the Extreme Investor Network, where we provide you with the latest news and insights in the world of finance. Today, we are excited to share with you the recent financial report from Deutsche Bank AG.
Deutsche Bank AG, headquartered in the financial district of Frankfurt, Germany, reported a net profit of 1.275 billion euros ($1.365 billion) in the first quarter, showing a 10% annual increase. This exceeded analysts’ expectations, who had forecasted a result of 1.23 billion euros for the period.
The bank saw a 1% year-on-year increase in revenue, reaching 7.8 billion euros. This growth was attributed to commissions and fee income, as well as strength in fixed income and currencies. The revenue print also surpassed analyst forecasts of 7.73 billion euros.
Some other highlights from the first quarter include net inflows of 19 billion euros across the Private Bank and Asset Management divisions, a credit loss provision of 439 million euros (down from 488 million in the previous quarter), and a common equity tier one (CET1) capital ratio of 13.4%.
Deutsche Bank has been making strategic moves to enhance profitability and shareholder returns. In 2023, they announced plans to cut 3,500 jobs over the coming years, aiming for 2.5 billion euros in operational efficiencies.
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