Deutsche Bank in Q1 2024 has recorded a profit before tax of €2bn, a 10% rise year-on-year.

In addition, net profit also rose 10% year-on-year to reach €1.5bn.

Net revenues for Deutsche Bank in Q1 2024 totalled €7.8bn, a mere 1% growth year-on-year, and this was attributed to an 11% growth in commissions and fee income.

The private bank witnessed net revenues of €2.4bn, down 2% year-on-year, due to slightly lower net interest income which was offset by growth in investment products.

However, assets under management grew by €27bn during the quarter to €606bn, their highest level since the formation of the private bank in 2018. 

Assets under management overall grew by €72bn, including net inflows of €19bn, across the Private Bank and Asset Management in Q1 2024 for Deutsche Bank.

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Reaction to Q1 2024 from Deutsche Bank

Christian Sewing, chief executive officer of Deutsche Bank, said: “This quarter we achieved double-digit profit growth, and our highest first quarter profit since 2013, through disciplined execution of our Global Hausbank strategy. We again generated solid revenue momentum in an environment of normalising interest rates, thanks to a well-balanced business model.

“As promised, we delivered on our cost target and we are determined to maintain this discipline. Our strong capital base enables us to increase distributions to shareholders while supporting business growth. On all dimensions, we are firmly committed to continued delivery on our path towards our 2025 goals.”

“This was a quarter of delivery on commitments,” added James von Moltke, chief financial officer. “Our revenue and franchise momentum reflects our investments in capital-light businesses and close partnership across the Group to support clients. Tight management of costs, capital and balance sheet, combined with continued investments in technology and controls, is the result of execution discipline right across our platform.”