By Elena Vardon
Deutsche Bank reported a rise in its quarterly profit on the steady performance of its investment bank and growth in other divisions.
Germany's largest lender by total assets on Wednesday posted an after-tax profit of 2.17 billion euros ($2.55 billion) for the first quarter, 8% higher than a year prior and ahead of consensus expectations of 2.005 billion euros.
Total revenue edged up 2% to 8.67 billion euros, surpassing the 8.54 billion-euro result penciled in by analysts in a poll compiled by the bank.
Growth at its private bank and at DWS, its separately listed asset-management arm, offset declines at its corporate bank and stagnation at its investment bank--its key revenue engine.
Investment-banking profit was softer due to flat revenue. The division recorded higher activity at its debt and equity origination business and a stable performance of its large fixed-income division--which includes currency and bond trading--due to negative currency impacts and a record comparable quarter.
Costs were 2% lower at 5.11 billion euros for the quarter thanks to operating efficiencies though its provisions for loan losses saw a 10% lift, it added.
"This quarter's record profit gives us a great start on the next phase of our strategy," Chief Executive Christian Sewing said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
04-29-26 0148ET
