Analysts forecast a result of 1.23 billion euros for that period, according to data from LSEG.
Revenues rose 1% year-on-year to €7.8 billion, which the bank attributed to growth in commission and fee income, along with strength in fixed income and currencies. The revenue result was also ahead of analysts’ forecasts of 7.73 billion eers, according to LSEG.
Other highlights from the first quarter are:
Net inflows of EUR 19 billion through the Private Bank and Asset Management sectors.
The provision for loan losses amounted to 439 million euros, which is 488 million in the fourth quarter of 2023.
The Tier 1 capital ratio (CET1) — a measure of a bank’s solvency — was 13.4%, compared with 13.6% at the same time last year.
Germany’s largest lender has announced that it will cut 3,500 jobs in the coming years, as it targets 2.5 billion euros in operational efficiency to increase profitability and increase shareholder returns, Investor reports.
