Deutsche Bank Posts Better-Than-Expected Profit; Flags Job Cuts

Reuters2023-04-27

FRANKFURT, April 27 (Reuters) - Deutsche Bank (DBKGn.DE) posted a better-than-expected 9% rise in first-quarter profit as income from higher interest rates offset a slump in revenues at the investment bank, figures on Thursday showed.

The bank also flagged job cuts in non-client facing staff as it seeks further cost reductions in the years ahead.

Net profit attributable to shareholders was 1.158 billion euros ($1.28 billion). That compares with profit of 1.060 billion euros a year earlier, and it is better than analyst expectations for a profit drop to around 977 million euros.

The results mark an 11th consecutive quarter of profit at Germany's biggest bank, making for the longest streak in the black in at least a decade.

It reported a 19% drop in investment banking revenue that was worse than expectations. By contrast, revenue at the corporate bank and retail divisions beat expectations.

($1 = 0.9050 euros)

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