Deutsche Bank started 2022 with rising net profit, which rose to 1.06 billion euros ($1.1 billion) in the first quarter, Germany’s largest financial institution announced.

The result is 17 % more than the 908 million dollars obtained in the previous quarter. Before taxes, the bank obtained some 1,700 million euros, four percent more than in the same period of the previous year.

“The results of all business areas are within or above expectations, and we have achieved our highest quarterly profit in nine years,” summarized the group’s CEO, Christian Sewing.

Revenue growth

Total revenue, at more than €7.3 billion, was the highest since the first quarter of 2017. “In a difficult environment, we have delivered revenue and profit growth across all core businesses,” he said. CFO James von Moltke.

The goal is to increase return on tangible equity (ROTE) to 8 % by the end of 2022, and even higher than 10 % after tax in the future.

Last year, profitability was only 3.8 percent and this despite the fact that the group, which is listed on the main German stock index (Dax), achieved its highest annual profit since 2011 with 2.5 billion euros. In the first quarter of the current year, the bank obtained a return of 8.1 %.

Source: dpa

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