- 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…
[ad_2]
Source story
More to explorer
The Art of the Interview: Techniques for Memorable Podcast Conversations
January 19, 2024
In the world of podcasting, interviews stand out as the cornerstone of compelling content. Whether you’re just starting or are a seasoned
Here’s why people are fleeing these 7 major US cities
May 28, 2023
A new study has found Americans are leaving the big US Cities and moving to smaller towns. An insider analysis US Postal
Apple’s mixed reality headset collides with meta and plays out the same as…
May 28, 2023
apple inc AAPL is widespread is expected to start Mixed reality headset at his World developer conferencewhich begins on June 5th. Bloomberg’s
