Deutsche Bank announced a 67% drop in its net profit for the first quarter of 2020 at €66m, compared to a net profit before tax of €201m in the same quarter in 2019.
In the fourth quarter of 2019, the German banking group reported a net loss of €1.6bn.
The bank saw a 29% drop in net profit before tax for the first quarter of 2020 at €206m, compared to a net profit before tax of €292m in the same quarter the year before.
According to the German bank, the first quarter of this year saw bank levies of €503m, transformation-related effects of €172m, and costs of ongoing capital release unit wind-down.
The total net revenues in Q1 2020 remained flat at €6.35bn compared to what was reported in the corresponding quarter in 2019, in spite of the bank exiting equities trading in July 2019. In Q4 2019, the bank’s total net revenues were € 5.35bn.
In the first quarter of 2020, the net revenues of the corporate banking business were down by 1% at €1.32bn compared to €1.34bn in Q1 2019.
Deutsche Bank’s investment banking business saw an 18% growth in its first-quarter net revenues at €2.33bn compared to €1.98bn made in the same quarter in the previous year.
The group’s private banking business reported a 2% increase in net revenues in the first quarter at €2.16bn in comparison to €2.12bn reported in Q1 2019.
In the asset management business, the net revenues for Q1 2020 dropped 1% at €519m compared to €525m in the same quarter in 2019.
Deutsche Bank CEO comments on the Q1 2020 results
Deutsche Bank CEO Christian Sewing said: “In the current crisis, we have shown robust numbers and demonstrated strong performance in support of our clients across all core businesses.
“Conservative balance sheet management enables us to navigate the current environment from a position of strength as the leading bank in Europe’s strongest economy. I want to say a huge thank you to our employees, who have shown outstanding dedication and flexibility.”
