Deutsche Bank announced profit before tax of EUR 1.9 billion for the first quarter of 2023, up 12% year on year. Post-tax profit was up 8% to EUR 1.3 billion. Post-tax return on average tangible shareholders’ equity was 8.3%, up from 8.1% in the prior year quarter. Post-tax return on average shareholders’ equity was 7.4% in the quarter, up from 7.2% in the first quarter of 2022. Diluted earnings per share were EUR 0.61, up from EUR 0.55 in the prior year quarter. The cost/income ratio improved to 71%, from 73% in the first quarter of 2022. Deutsche Bank’s results include annual bank levies of EUR 473 million, recognized in the first quarter. Net revenues were EUR 7.7 billion, up 5% over the prior year quarter and the highest quarterly net revenues since 2016, despite business exits as part of the bank’s transformation program and challenging conditions in financial markets during the quarter. CEO Christian Sewing said: "Our first quarter results demonstrate the relevance of our Global Hausbank strategy to our clients and underscore that we are well on track to meeting or exceeding our 2025 targets. We aim to accelerate execution of our strategy through a number of measures announced today: raising our ambitions for operational efficiency, boosting capital efficiency to drive returns and support shareholder distributions, and seizing opportunities to outperform on our revenue growth targets."
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