Deutsche Bank Reports 10% YoY Growth in Profit Before Tax to € 2.0Bn in Q1 2024
Deutsche Bank today announced its financial results for the first quarter of 2024, unveiling double-digit profit growth, and the bank's highest first quarter profit since 2013.
Profit growth over prior year quarter drives progress towards key targets:
Profit before tax rises 10% to € 2.0 billion, net profit up 10% to € 1.5 billion
Post-tax return on average tangible shareholders' equity (RoTE) rises to 8.7%, from 8.3% in the prior year quarter
Cost/income ratio improves to 68%, from 71% in prior year quarter
Revenues resilient in a stabilizing interest rate environment:
Net revenues grow 1% year on year to € 7.8 billion, primarily driven by growth of 11% in commissions and fee income
Strength in Fixed Income & Currencies with market share gains in Origination & Advisory
Assets under management grow by € 72 billion, including net inflows of € 19 billion, across the Private Bank and Asset Management
Delivery on cost commitments:
Noninterest expenses down 3% year on year to € 5.3 billion
Adjusted costs reduced by 6% to € 5.0 billion, in line with 2024 guidance
Solid capital supports shareholder distributions; credit risk remains contained:
Common Equity Tier 1 (CET1) capital ratio of 13.4% after deductions for shareholder distributions and business-driven growth in risk weighted assets (RWAs)
Leverage ratio of 4.5%, in line with previous quarter
Provision for credit losses of € 439 million, down 10% from € 488 million in fourth quarter of 2023
"We again generated solid revenue momentum in an environment of normalizing interest rates, thanks to a well-balanced business model. As promised, we delivered on our cost target and we are determined to maintain this discipline. Our strong capital base enables us to increase distributions to shareholders while supporting business growth. On all dimensions, we are firmly committed to continued delivery on our path towards our 2025 goals," said Christian Sewing, Chief Executive Officer.
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