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(Sharecast News) - Deutsche Bank saw profits surge in the first quarter, the German lender confirmed on Tuesday, following a bumper performance in its investment banking division.
Group revenues improved 10% in the first three months of the year, to 8.5bn, boosted by a strong trading performance amid the spike in global market volatility.
Pre-tax profits came in at 2.8bn, up 39% year-on-year and comfortably ahead of forecasts.
Within that, the investment bank saw pre-tax profits jump 22% to 1.5bn, while the corporate bank posted a 3% uplift, at 632m. Profits were further supported by a reduction in costs.
Post-tax profits of 2.01bn, the highest quarterly figure for 14 years, were also ahead of forecasts, for around 1.84bn.
Christian Sewing, chief executive, said: "We are very happy with first-quarter results, which put us on track for delivery of all our 2025 targets.
"This puts us in a very strong position to support our clients through a fast-changing geopolitical and macroeconomic environment."
James von Moltke, chief financial officer, added: "Our strong balance sheet across all metrics, including a 13.8% CET1 capital ratio, positions us well to navigate through unsettled markets."
The post-tax return on average tangible equity was 11.9%, comfortably ahead of the 8.7% achieved in the prior quarter and in line with the bank's 2025 target of above 10%.
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