Deutsche Bank reports highest quarterly profit since 2014

Wednesday, 28. April 2021 07:20

Deutsche Bank said on Wednesday that its profit in the first quarter of 2021 stood at €1 billion, soaring from €66 million reported a year earlier and hitting a seven-year high.

Profit before tax climbed from €206 million in the first quarter of 2020 to €1.6 billion this year. Total quarterly net revenues rose 14% year on year to reach €7.2 billion.

"Our first quarter is further evidence that Deutsche Bank is on the right path in all four core businesses, and is building sustainable profitability," CEO Christian Sewing stated. "In addition to substantial revenue growth over an already strong prior year quarter, we demonstrated cost and risk discipline. We achieved a post-tax return on tangible equity of above 7%, and returns in the Core Bank are already ahead of our ambition for next year. These results give us confidence that we’ll reach our 2022 targets," he added.

Related Links: Deutsche Bank AG
Author:
Baha Breaking the News (BBN) / NP