Deutsche Bank quarterly profit jumps 10% as investment bank outperforms

FRANKFURT, April 25 (Reuters) – Deutsche Bank (DBKGn.DE), opens new tab posted on Thursday a better-than-expected 10% increase in first-quarter profit as a resurgence in fixed-income trading and deal-making propelled revenue at its investment banking division.

The gains mean investment banking was able to reclaim its position as Deutsche’s biggest breadwinner from its giant retail division that had recently benefited from higher interest rates but suffered from customer service glitches.

The group’s figures marked the 15th consecutive quarter of profit – a considerable streak in the black for Deutsche after hefty losses during the last decade.

Its shares, which are up about 60% over the past year, opened 1.5% lower after the results.

Deutsche’s net profit attributable to shareholders was 1.275 billion euros ($1.37 billion) in the quarter. That compares with profit of 1.158 billion euros a year earlier, and it was better than analyst expectations for profit of around 1.2 billion euros.

Source: REUTER