Profit before tax up 12% year on year to € 1.9 billion, highest quarter since 2013. Net profit up 8% to € 1.3 billion. Post-tax return on average tangible shareholders’ equity (RoTE) of 8.3% with post-tax return on average
shareholders’ equity (RoE) of 7.4%. Cost/income ratio of 71%, down from 73% in prior year quarter Net revenues grow 5% to € 7.7 billion. Highest quarter since 2016, despite business exits during transformation. In line with bank’s revenue growth objectives through 2025. Net inflows of € 12 billion across the Private Bank and Asset Management
“Our first quarter results demonstrate the relevance of our Global Hausbank strategy to our clients and underscore that we are well on track to meeting or exceeding our 2025 targets,” said Christian Sewing, Chief Executive Officer. “We aim to accelerate execution of our strategy through a number of measures announced: raising our ambitions for operational efficiency, boosting capital efficiency to drive returns and support shareholder distributions, and seizing opportunities to outperform on our revenue growth targets. Strong organic capital generation enables us to re-affirm our commitment to distributions and we are preparing to conduct further share buybacks later this year.”
Noninterest expenses up 1% year on year to € 5.5 billion. Adjusted costs flat year on year at € 5.4 billion, with investments in business growth, technology and controls offset by lower bank levies. Additional efficiency measures underway in front office and infrastructure Capital, risk and liquidity metrics in line with objectives. Common Equity Tier 1 (CET1) capital ratio rose to 13.6%, from 13.4% in the previous quarter. Levante ratio of 4.6%, in line with previous and prior year quarter. Provision for credit losses of € 372 million, 30 basis points (bps) of average loans; 2023 guidance range of 25-30 bps of average loans reaffirmed. Liquidity coverage ratio rises to 143%, a surplus of € 63 billion. Net Stable Funding Ratio rises to 120%, a surplus of € 100 billion
Initiatives to accelerate Global Hausbank strategy announced. Operational efficiency: incremental savings ambition raised from € 2.0 billion to € 2.5 billion through additional measures
Capital efficiency: € 15-20 billion of RWA reductions in lower-yielding portfolios and from optimization, driving returns and shareholder distributions
Revenue growth: targeted investments in technology, coverage footprint and advisory-focused businesses to tap additional revenue potential
“In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” said James von Moltke, Chief Financial Officer. “We have delivered well-balanced earnings and growth momentum across four complementary businesses, attracted inflows into investment products and demonstrated balance sheet strength. Our capital and liquidity ratios were stable or improved during the quarter, each significantly ahead of regulatory requirements, and we benefited from the resilience of our funding base, anchored by our strong and well-diversified deposit base.”
