Deutsche Bank reports Q1 profit before tax EUR 2B, up 10% y/y

Post-tax return on average tangible shareholders’ equity rises to 8.7%, from 8.3% in the prior year quarter. Net revenues grow 1% year on year to EUR 7.8 billion, primarily driven by growth of 11% in commissions and fee income. Noninterest expenses down 3% year on year to EUR 5.3 billion. Adjusted costs reduced by 6% to EUR 5.0 billion, in line with 2024 guidance. Common Equity Tier 1 capital ratio of 13.4% after deductions for shareholder distributions and business-driven growth in risk weighted assets. “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,” said CEO Christian Sewing.