Frankfurt Deutsche Bank started the year with an increase in earnings thanks to higher earnings in the corporate bank. Germany’s largest money house earned 1.158 billion euros in the first quarter, an increase of nine percent (previous year: 1.06 billion euros), as the institute announced on Thursday.
That exceeded the expectations of the analysts, who had expected an average of around 977 million euros. Deutsche Bank was thus able to report the eleventh quarter of profits in a row.
However, the bank wants to further reduce costs and has announced job cuts “in non-customer areas”. How high this should be was not initially mentioned.
The bank raised its savings target from EUR 2.5 billion to EUR 2.0 billion. “We want to save more operational costs than previously planned and use our capital more efficiently in order to increase the distributions to our shareholders and our returns,” explained CEO Christian Sewing.
Group income increased by five percent to 7.68 billion euros. The corporate bank generated 1.97 billion euros, 35 percent more than in the same quarter of the previous year. The institute increased risk provisions for loan defaults to EUR 372 million from EUR 292 million in the same period of the previous year.
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