Deutsche Bank announces highest pre-tax profit in 10 years
Deutsche Bank, one of the largest banks in Germany, announced its financial results for the first quarter of 2023. Accordingly, the bank increased its profit before tax by 12 percent to 1.9 billion euros in the first quarter compared to the same quarter of the previous year, as the income from higher interest rates in its corporate client operations compensated for the decline in investment bank revenues. Thus, the bank announced its highest quarterly pre-tax profit since 2013.
Net profit attributable to shareholders increased from 1.06 billion euros to 1.16 billion euros in the first quarter. In the markets, this amount was expected to decrease to approximately 977 million euros.
Revenues of the bank’s investment banking unit also fell 19 percent in the first quarter to 2.7 billion euros.
Deutsche Bank’s net income in the first quarter of this year was 7.7 billion euros, up 5 percent compared to the same period in 2022.
The bank also stated that it may reduce non-customer contact staff to further reduce costs in the coming years.
British bank Barclays profit beat expectations in first quarter
Barclays, one of the UK’s five largest banks, announced its financial results for the first quarter of this year.
Accordingly, the bank’s total revenues in this period increased by 11 percent compared to the first quarter of last year and rose to 7.2 billion pounds. This increase was driven by the 47 percent growth in consumer spending and payments.
Barclays’ first quarter profit before tax increased 16 percent to £2.6 billion ($3.2 billion).
Analyst expectations were that the bank’s pre-tax profit for this period would remain at £2.2 billion. The bank’s pre-tax profit in the first quarter of 2022 was also £2.2 billion.