- Deutsche Bank AG DB reported revenue growth of 5% to € in the first quarter of 20237.7 billionthe highest since 2016.
- Revenue growth, which is in line with DB’s growth targets of 3.5% to 4.5% CAGR by 2025, was achieved despite planned business exits and difficult financial markets.
- Corporate bank net income increased 35% Y/Y to €2.0 billion on growth across all regions and businesses and private bank income increased 10% Y/Y to €2.4 billion.
- Investment Bank net revenues were down 19% year-on-year to 2.7 billion euros, mainly due to lower Fixed Income & Currencies revenues (-17% year-on-year) and Asset Management revenues were down 14% year-on-year .
- Noninterest expenses increased 1% year-on-year to 5.5 billion euros on investments in business growth, technology and controls.
- The bank reported net income of 1.3 billion euros, up 8% Y/Y.
- Loan loss provisions were €372 million (vs. €292 million in Q1 2022) due to higher loan loss provisions in Private Bank (€267 million vs. €101 million a year earlier).
- The provision for credit losses was 30 basis points of average loans, and DB expects it to be 25-30 basis points of average loans in 2023.
- The CET1 capital ratio improved to 13.6% from 12.8% in the first quarter of 2022.
- Global house bank strategy: DB is now targeting additional cost savings of €2.5 billion versus €2.0 billion through non-customer staff reductions, simplification of mortgage platform, optimization of retail distribution network and automation of processes.
- Last week the company announced that Karl von Rohr would not renew his contract Contract as board member after October 2023.
- DB also plans to reduce risk-weighted assets in lower-yielding portfolios by 15 to 20 billion euros by 2025.
- The bank expects to start share buybacks in the second half of 2023.
- price action: DB shares trade 2.54% higher at $10.92 on latest check Thursday.
© 2023 Benzinga.de. Benzinga does not provide investment advice. All rights…
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