Deutsche Bank earnings up in 1st quarter but revenues drop
BERLIN (AP) — Deutsche Bank says it saw its profit improve by 67 percent in the first quarter, though revenue dropped 9 percent as proceeds from trading declined sharply.
Germany’s biggest bank reported details of its January-March earnings on Friday, a day after it abandoned talks on a possible merger with German peer Commerzbank.
The company said net profit was 201 million euros ($224 million), compared with 120 million euros a year earlier.
Revenues dropped to 6.35 billion euros from 6.98 billion euros. The bank said revenues from fixed income sales and trading were off 19 percent at 1.5 billion euros, while those from equity sales and trading dropped 18 percent to 468 million euros.
CEO Christian Sewing said that “our continued cost discipline helped us to offset lower revenues.”