Deutsche bank: net profit up 10% to € 1.5 billion in Q1 2024
Profit before tax rose 10% to € 2.0 billion, net profit up 10% to € 1.5 billion
Net revenues grew 1% year on year to € 7.8 billion
Adjusted costs reduced by 6% to € 5.0 billion, in line with 2024 guidance
Common Equity Tier 1 (CET1) capital ratio of 13.4%
Net revenue development in our businesses was as follows:
Corporate Bank: € 1.9 billion, down 5% compared to 1Q 2023
Investment Bank: € 3.0 billion, up 13% compared to 1Q 2023
Private Bank: € 2.4 billion, down 2% compared to 1Q 2023
Asset Management: € 617 million, up 5% compared to 1Q 2023
Our CEO Christian Sewing said: “This quarter we achieved double-digit profit growth, and our highest first quarter profit since 2013, through disciplined execution of our Global Hausbank strategy. We again generated solid revenue momentum in an environment of normalizing interest rates, thanks to a well-balanced business model. As promised, we delivered on our cost target and we are determined to maintain this discipline. Our strong capital base enables us to increase distributions to shareholders while supporting business growth. On all dimensions, we are firmly committed to continued delivery on our path towards our 2025 goals.”
Our CFO James von Moltke added: “This was a quarter of delivery on commitments. Our revenue and franchise momentum reflects our investments in capital-light businesses and close partnership across the Group to support clients. Tight management of costs, capital and balance sheet, combined with continued investments in technology and controls, is the result of execution discipline right across our platform.”
