Deutsche bank reports strong Q1 2024 results, exceeding expectations

Deutsche Bank reported a strong first quarter, with net profit up 39% to EUR 1.775 billion. The German bank's results exceeded expectations, driven by revenue growth and cost reduction. CEO Christian Sewing expressed satisfaction with the results, highlighting the bank's progress toward its 2025 targets. The bank's profit before tax also increased by 39% to EUR 2.84 billion, surpassing the consensus of EUR 2.6 billion. Revenues increased by 10% to EUR 8.5 billion. The FICC trading activity saw revenues jump by 17% to a record EUR 2.9 billion. Deutsche Bank confirmed its 2025 targets, including a return on tangible equity above 10% and a cost-to-income ratio below 65%. The bank also anticipates EUR 32 billion in revenues this year. The results reflect the success of Deutsche Bank's 'Global Hausbank' strategy.