(RTTNews) – Deutsche Bank (DB) reported first quarter profit attributable to shareholders of 908 million euros compared to a loss of 43 million euros, prior year. Profit before tax was 1.6 billion euros, up from 206 million euros. Core Bank profit before tax was 2.0 billion euros, more than double the prior year quarter, driven by significant profit growth across all core businesses. Adjusted profit before tax was 2.2 billion euros, also more than double last year.
The Group said the result was driven by revenue growth, a substantial reduction in provision for credit losses, and lower adjusted costs year on year.
First quarter total net revenues were 7.23 billion euros compared to 6.35 billion euros, previous year. Core Bank net revenues grew 12% to 7.2 billion euros.
Christian Sewing, CEO, said: “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.”