Deutsche Bank Achieves €1.7 Billion Profit in Q1 2022

Deutsche Bank, a leading German financial services provider, released its financial results for the first quarter of 2022. The bank reported a profit before tax of €1.7 billion in this quarter, up 4% year on year.

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According to the official announcement, Deutsche Bank's Post-tax profit in the quarter was up 18% to € 1.2 billion, the highest quarterly post-tax profit since 2013. This result was achieved despite a 28% increase in Deutsche Bank's annual bank levies to € 730 million, recognised in the first quarter.

"In this quarter, we showed our strength and resilience as the Global Hausbank. Our priority was to enable clients to respond quickly to geopolitical events and guard against risks. All our businesses delivered results in line with or ahead of our targets, and we produced our highest quarterly profit for nine years,"CEO Christian Sewing said.

During the period, Deutsche Bank's net revenues of core businesses were € 7.3 billion, up 1% over the prior year quarter and the highest since the first quarter of 2017. Revenue growth in Deutsche Bank's core businesses more than offset negative revenues in the Capital Release Unit and Corporate & Other.

"In a challenging environment, we delivered both revenue and profit growth across all core businesses. Our first quarter revenues demonstrate clear momentum towards our 2022 objectives. We believe this momentum, combined with continued cost discipline and organic capital generation, positions us well for delivery on our 2022 targets,"James von Moltke, Chief Financial Officer added.