FRANKFURT, Germany (April 25, 2024) – Deutsche Bank today announced a 10% increase in net income for the first quarter of 2024, beating analysts’ expectations. The profit was driven by a strong performance from the investment banking division, which saw a 13% rise in revenue.
Key points:
- Net income attributable to shareholders reached €1.275 billion ($1.37 billion) compared to €1.158 billion in the same period last year.
- Investment banking revenue rose 13% to €3.3 billion, exceeding expectations of 6.9%.
- Corporate banking revenue fell 5% to €1.9 billion, while retail banking revenue declined 2% to €7.6 billion.
- Deutsche Bank reiterated its 2025 targets, including a reduction in the cost-to-income ratio.
- The bank faces challenges from a weak domestic economy and regulatory concerns.
- Investment banking is expected to remain Deutsche’s largest source of revenue through 2026.
Comment:
“These results represent another step forward,” said CEO Christian Sewing in a note to employees. “We are committed to achieving our 2025 targets, which include reducing the cost-to-income ratio.”
Deutsche Bank’s first-quarter performance is a positive sign for the bank, which is trying to recover from problems in recent years. However, the bank still faces challenges from a weak domestic economy and regulatory concerns. Deutsche Bank is expected to continue to rely on strong results from its investment banking division to drive growth in the coming quarters.
Additional information:
- Deutsche Bank Q1 2024 earnings report: https://investor-relations.db.com/
- Deutsche Bank website: https://www.db.com/index?language_id=1&kid=sl.redirect-en.shortcut
