Thursday 29 April 2021 - 4:22am
Deutsche Bank CEO Christian Sewing says the lender s outlook is encouraging following an excellent quarter.
AFP/File | Armando BABANI
FRANKFURT - Germany s largest lender Deutsche Bank reported its best quarterly profits for seven years on Wednesday, after it avoided being dragged into the collapse of US hedge fund Archegos that has inflicted deep pain on rivals.
Deutsche reported better-than-expected net profits for the January to March period of 908 million euros ($1.10 billion), compared with a 43-million-euro loss a year earlier.
The strong performance was driven by the group s investment arm whose well-timed exit from the Archegos fiasco prevented huge losses, allowing the long-troubled bank, for once, to stay on the sidelines of the latest scandal rocking the financial world.
Deutsche Bank posts best quarterly profits since 2014
Issued on:
28/04/2021 - 11:38 Deutsche Bank CEO Christian Sewing says the lender s outlook is encouraging following an excellent quarter. Armando BABANI AFP/File 2 min
Frankfurt (AFP)
Germany s largest lender Deutsche Bank reported its best quarterly profits for seven years on Wednesday, thanks to savings generated by restructuring and a good performance by its investment arm.
Shares in the long-suffering bank jumped more than seven percent following the announcement.
Deutsche Bank said first-quarter profits were 908 million euros ($1.10 billion) while global revenues, at 7.2 billion euros, were up 14 percent year-on-year, all exceeding analysts expectations.
The best contribution came from the investment banking division, where revenues jumped 32 percent year-on-year.
Deutsche Bank Ducks Archegos Hit, Posts Best Profits Since 2014 By Jean-Philippe LACOUR
04/28/21 AT 7:36 AM
Germany s largest lender Deutsche Bank reported its best quarterly profits for seven years on Wednesday, after it avoided being dragged into the collapse of US hedge fund Archegos that has inflicted deep pain on rivals.
Deutsche reported better-than-expected net profits for the January to March period of 908 million euros ($1.10 billion), compared with a 43-million-euro loss a year earlier.
The strong performance was driven by the group s investment arm whose well-timed exit from the Archegos fiasco prevented huge losses, allowing the long-troubled bank, for once, to stay on the sidelines of the latest scandal rocking the financial world.