Will Deutsche Bank achieve its target return this year?
(Photo: imago images/Hans-Günther Oed)
Frankfurt Despite the increased uncertainty caused by the war in Ukraine, Deutsche Bank achieved an increase in profits in the first quarter. “The results of all business areas are in or above plan, and we have achieved our highest quarterly profit in nine years,” said CEO Christian Sewing on Wednesday when the business figures for the first quarter were presented. Germany’s largest money house earned the bottom line – after deducting interest on subordinated bonds – 1.06 billion euros after 908 million euros a year ago. Analysts had expected only around 950 million euros on average. Deutsche Bank was thus able to report its seventh quarter of profits in a row. Group income rose by one percent to 7.3 billion euros.
“We are therefore in a good position to achieve our goals for this year,” explained Chief Financial Officer James von Moltke. Group CEO Sewing initiated a comprehensive restructuring of the group in the summer of 2019. Entire departments have been closed. The bank parted with particularly risky parts of investment banking and initiated tough austerity measures. In the current year, an after-tax yield (ROTE) of eight percent is to be achieved. By 2025, it should then increase to more than ten percent.
More: UBS has the best start to the year since 2007.
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