FRANKFURT (Reuters) – Deutsche Bank on Thursday reported a 9% rise in first-quarter profit, beating forecasts, as higher interest rates offset lower investment banking revenue, and announced layoffs as part of its cost-cutting policy.
Attributable net profit amounted to 1.158 billion euros. Analysts had expected a profit of around 977 million euros.
The results mark the 11th straight quarter of profits for Germany’s biggest bank, its longest in at least a decade.
“We are on track to meet or exceed our 2025 targets,” said Christian Sewing, chairman of the Deutsche Bank management board.
The investment banking division reported a 19% decline in revenue, which was below expectations. On the other hand, those of the investment and retail banking divisions exceeded expectations.
The group also announced an undetermined number of non-customer relationship job cuts, one of many measures aimed at further reducing costs in the coming years.
Deutsche Bank said it would start cutting non-customer-facing management staff by 5% in the second quarter.
(Reporting Tom Sims and Marta Orosz; Lina Golovnya, editing by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
_113101.jpg?fit=%2C&ssl=1)
