Deutsche Bank has reported a net income of €575m for the first quarter of 2017, a 143% compared to €236m in the prior-year quarter.
The group’s quarterly pre-tax income was €878m, a 52% surge from €579m a year earlier. Net revenues decreased 9% to €7.34bn from €8.07bn last year.
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Noninterest expenses dropped 12% to €6.33bn from €7.18bn in the previous year. Provisions for credit losses slumped 56% year-on-year to €133m.
As at 31 March 2017, the banking group’s common equity tier 1 (CET1) capital ratio stood at 11.9%. Including the capital increase that completed earlier this month, the ratio reached 14.1%.
Deutsche Bank CEO John Cryan said: “I am pleased with the start we have made to 2017. Client engagement is strong, asset flows are returning across the bank and activity is picking up.
“Our cost-cutting efforts are starting to pay off, while we have reduced complexity significantly. We have laid firm foundations upon which Deutsche Bank can once again deliver good results.”
