Deutsche Bank Private Bank reported revenues of €2.4bn in Q1 2023, a 10% rise year-on-year.
This increase was attributed to strong net interest income.
Furthermore, Private Bank Germany saw revenues up 14% year-on-year and International Private Bank witnessed an increase of 3% for the same thing over the same time period.
Net inflows were €6bn during the quarter, driven by inflows into investment products. Assets under management grew by €13bn to €531bn in Q1 2023 for Deutsche Bank, reversing the drop of the previous quarter, driven by net inflows into investment products and rising market levels
Deutsche Bank in Q1 2023
Profit before tax for the group reached €1.9bn in Q1 2023, the highest quarter since 2013 and a 12% rise year-on-year.
In addition, net revenues grew 5% to €7.7bn year-on-year.
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Christian Sewing, chief executive, said: “Our first quarter results demonstrate the relevance of our Global Hausbank strategy to our clients and underscore that we are well on track to meeting or exceeding our 2025 targets.
“We aim to accelerate execution of our strategy through a number of measures announced today: raising our ambitions for operational efficiency, boosting capital efficiency to drive returns and support shareholder distributions, and seizing opportunities to outperform on our revenue growth targets. Strong organic capital generation enables us to re-affirm our commitment to distributions and we are preparing to conduct further share buybacks later this year.”
“In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” added James von Moltke, chief financial officer. “We have delivered well-balanced earnings and growth momentum across four complementary businesses, attracted inflows into investment products and demonstrated balance sheet strength. Our capital and liquidity ratios were stable or improved during the quarter, each significantly ahead of regulatory requirements, and we benefited from the resilience of our funding base, anchored by our strong and well-diversified deposit base.”