Published on 26 Apr 2024 on Zacks via Yahoo Finance

Deutsche Bank (DB) Q1 Earnings & Revenues Rise Y/Y, Stock Up

Deutsche Bank DB reported first-quarter 2024 profit attributable to its shareholders of €1.3 billion ($1.41 billion), up 10.1% year over year. The Germany-based lender reported a profit before tax of €2 billion ($2.17 billion), up 10% year over year.Results were positively impacted by higher net revenues and lower expenses. This led investors to turn bullish on the stock, resulting in a gain of 8.7%. However, higher provision for credit losses was an offsetting factor.

Revenues Rise & Expenses Fall

The bank generated net revenues of €7.8 billion ($8.47 billion), up 1% year over year. This upside primarily resulted from higher revenues in the Investment Bank and Asset Management segments.Non-interest expenses of €5.3 billion ($5.75 billion) decreased 3% from the prior-year quarter. Our estimate for non-interest expenses was €6.8 billion.Provision for credit losses was €439 million ($476.56 million), up 18% from the prior-year quarter.