Deutsche Bank 1Q After-Tax Profit Rose Despite Higher Levies -- Update
27 Abril 2022 - 01:13AM
Noticias Dow Jones
By Giulia Petroni
Deutsche Bank AG on Wednesday said that it posted its highest
after-tax profit since 2013 in the first quarter despite an
increase in bank levies.
The German bank said after-tax profit rose to 1.23 billion euros
($1.31 billion) from EUR1.04 billion a year earlier, while profit
attributable to shareholders came in at EUR1.06 billion compared
with EUR908 million last year.
Analysts had forecast an after-tax profit of EUR1.12 billion,
according to a company-compiled consensus.
In the quarter, Deutsche Bank recognized a 28% increase in
annual bank levies to EUR730 million.
Provisions for credit losses amounted to EUR292 million, up from
EUR69 million last year, while quarterly revenue grew to EUR7.33
billion from EUR7.23 billion.
Revenue at the investment bank unit was up 7% on year in the
quarter.
"All our businesses delivered results in line with or ahead of
our targets, and we produced our highest quarterly profit for nine
years," Chief Executive Christian Sewing said.
The bank said it further reduced its Russian credit exposure
over the quarter as gross loan exposure was cut by 5% to EUR1.3
billion and net loan exposure decreased 21% to EUR500 million.
Ruble cash balances with Russia's central bank were EUR900
million at the end of the quarter, mainly reflecting deposits from
existing clients, DB said, adding that all major derivative
exposures have been unwound and market risk exposure to the country
remains low.
Looking at the full-year, the bank said it is well-positioned to
deliver on its targets, supported by continued cost discipline and
organic capital generation.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 27, 2022 01:58 ET (05:58 GMT)
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