5.5 C
London
Tuesday, December 3, 2024
HomeNewsEuropaDeutsche Bank Q1 profit jumps 10% as investment bank outperforms

Deutsche Bank Q1 profit jumps 10% as investment bank outperforms

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

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:

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories