The following is a summary of the Deutsche Bank AG (DB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Deutsche Bank reported Q1 revenues of €7.8 billion reflecting strong business growth.
Return on tangible equity increased to 8.7% this quarter from 8.3% in Q1 of the previous year.
Profit before tax increased 10% year-on-year to €2 billion.
The bank's CET1 ratio stood at 13.4%, allowing distributions increase through shareholders and supporting business growth.
The bank has seen a reduction in risk-weighted assets by €11 billion since the prior year quarter.
Deutsche Bank aims for a revenue of €30 billion in 2024 and maintain a quarterly run rate of around €5 billion of adjusted costs.
Business Progress:
Deutsche Bank saw a 5% increase in deals won with multinational corporate clients compared to the prior year quarter.
Their Investment Bank's origination and advisory market share increased by 70 basis points compared to full year 2023.
The Private Bank saw €12 billion of net inflows in the first quarter, showing substantial increase in the number of assets under management.
The bank is planning to further invest and optimize their loan portfolio in the commercial real estate sector.
The bank is also planning to reduce its run rate modestly over the next seven quarters building on the year-on-year cost reduction seen this quarter.
Deutsche Bank aims to further integrate its investment business into the more Private Bank and Retail Bank business, looking forward.
More details: Deutsche Bank IR
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