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A sign for Deutsche Bank AG at a bank branch in the financial district of Frankfurt, Germany, on Thursday, Feb. 2, 2023.
Germany’s leading financial institution, Deutsche Bank, announced impressive first-quarter earnings on Tuesday, surpassing analyst predictions as banks in the eurozone grapple with market volatility influenced by U.S. tariff strategies.
The bank reported a net profit of 1.775 billion euros (approximately $2.019 billion) for the first quarter, reflecting a substantial 39% increase from the previous year and exceeding the expected 1.64 billion euros, as indicated by a Reuters survey. In comparison, the net profit for the fourth quarter of the previous year stood at 106 million euros.
Revenues also saw a significant uptick, reaching 8.524 billion euros during the quarter, a 10% rise year-on-year, and surpassing the fourth quarter’s revenue of 7.224 billion euros.
In his remarks regarding the financial results, Deutsche Bank’s CEO, Christian Sewing, stated that these figures “put us on track for delivery on all our 2025 targets” and represent “our best quarterly profit for fourteen years.”
Additional highlights from the fourth quarter included:
- Profit before tax of 2.837 billion euros, a 39% increase compared to last year.
- The CET 1 capital ratio, which indicates the bank’s solvency, remained steady at 13.8%, consistent with the previous quarter.
- Post-tax return on tangible equity (ROTE) rate at 11.9%, surpassing the 10% goal set for 2025.
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