FRANKFURT: Deutsche Bank on Tuesday posted a 39% rise in first-quarter profit after its global investment banking division generated a big increase in revenue in bond and currency trading during volatile markets.
Deutsche, Germany’s largest lender, recorded net profit attributable to shareholders of 1.78 billion euros ($2.03 billion) in the quarter, up from 1.28 billion euros a year earlier.
It exceeded analysts’ expectations for a profit of around 1.64 billion euros.
The figures kick off a crucial year for Deutsche as it winds up a three-year plan and attempts to meet a series of targets that some analysts deem overly ambitious.
The results “put us on track for delivery on all our 2025 targets”,“ CEO Christian Sewing said.
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The investment bank was Deutsche’s biggest earnings source. Revenue for its fixed-income and currency trading, one of the bank’s largest businesses, rose 17%, better than expectations for a 10.3% gain.
Origination and advisory, after making big gains in recent quarters, saw an 8% drop in revenue.
It posted a 90-million-euro writedown for an unnamed position in its leveraged finance business.
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