The bank attributed the rise in profits to revenue growth, reduction in provision for credit losses, and reduced adjusted costs year on year
Deutsche Bank has reported a net profit of €908m for the quarter ended 31 March 2021, compared to a net loss of €43m for the corresponding quarter the previous year.
The bank reported a profit before tax (PBT) of €1.58bn for the first quarter (Q1) 2021, compared to €206 for the same period in 2020.
Its total net revenue was €7.23bn for the reported period, a 14% increase compared to €6.35bn for the same period last year.
The German investment bank attributed the rise in profits to revenue growth, reduction in provision for credit losses and reduced adjusted costs year on year.
Deutsche Bank CEO Christian Sewing said: “Our first quarter is further evidence that Deutsche Bank is on the right path in all four core businesses, and is building sustainable profitability.
“In addition to substantial revenue growth over an already-strong prior-year quarter, we demonstrated cost and risk discipline.
“We achieved a post-tax return on tangible equity of above 7%, and returns in the Core Bank are already ahead of our ambition for next year. These results give us confidence that we’ll reach our 2022 targets.”
The bank reported a common equity tier 1 (CET1) capital ratio of 13.7% for Q1 2021, which increased by 0.9 ppt compared to 12.8% for Q1 2020.
Deutsche Bank’s Corporate Bank business reported net revenues of €1.31bn, a 1% decline compared to €1.32bn for the corresponding quarter in 2020.
Its Investment Bank business reported net revenues of €3.09bn for Q1 2021, a 32% increase compared to €2.35bn for the same period last year.
The Private Bank business reported net revenues of €2.17bn for Q1 2021, which remained unchanged compared to the corresponding quarter in 2020.
The bank’s Asset Management business reported net revenues of €637m for Q1 2021, a 23% increase compared to €519m for the same period last year.