Deutsche Bank on Thursday reported a net profit of 1.158 billion euros ($1.28 billion) for the first quarter.
Deutsche's corporate bank net revenues came in at 2 billion for the quarter, up 35% year-on-year and the highest quarterly figure since the launch of its transformation program. Net interest income was the main driver, growing 71%.
However, the bank also flagged job cuts for non-client facing staff and reported a sharper-than-expected 19% year-on-year fall in investment bank revenues year-on-year. "The bank is currently implementing additional efficiency measures across the front office and infrastructure," it said in the report.
"These include strict limitations on hiring in non-client facing areas, focused reductions in management layers, streamlining the mortgage platform and further downsizing of the technology centre in Russia."Revenues came in at 7.7 billion euros, up from 7.33 billion euros in the first quarter of 2022, despite what the bank called "challenging conditions in financial markets" during the quarter.CET 1 capital ratio, a measure of bank solvency, stood at 13.6%, up from 12.
The market turmoil triggered by the collapse of U.S.-based Silicon Valley Bank in early March, which eventually
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