A sign for Deutsche Bank AG at a bank branch in the financial district of Frankfurt, Germany, on Thursday, Feb. 2, 2023.
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Germany’s largest lender Deutsche Bank on Tuesday posted higher-than-expected first-quarter profit as lenders in Europe’s largest economy navigate broader market turbulence instigated by U.S. tariff policies.
Net profit attributable to shareholders reached 1.775 billion euros ($2.019 billion) in the first quarter, up 39% year-on-year and above analyst expectations of around 1.64 billion euros, according to a Reuters poll. The bank reported profit of 106 million euros for the December quarter.
Revenues reached 8.524 billion euros over the period, up 10% year-on-year and above a $7.224-billion-euro result in the fourth quarter.
In a statement accompanying the results, Deutsche Bank CEO Christian Sewing said the print “put us on track for delivery on all our 2025 targets” and marked “our best quarterly profit for fourteen years.”
Other fourth-quarter highlights included:
- Profit before tax of 2.837 billion euros, up 39% year-on-year.
- CET 1 capital ratio, a measure of bank solvency, was 13.8%, unchanged from the fourth quarter.
- Post-tax return on tangible equity (ROTE) rate of 11.9%, against a 10% target for 2025.
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