(ANSA-AFP) - FRANKFURT AM MAIN, APR 27 - German banking giant
Deutsche Bank reported an increase in its first-quarter profits
Thursday, as it announced new measures to reduce its costs. The
lender booked a net profit of 1.3 billion euros ($1.4 billion)
over the first three months of 2023, it said in a statement, an
eight-percent increase on the same period last year. Global
revenues at the banking group rose by five percent to 7.7
billion euros as major central banks hiked interest rates.
Deutsche Bank's non-interest costs rose by one percent over the
same timeframe, while the group has said it aims to keep its
expenditure essentially stable this year. In order to increase
its profitability further, the bank announced a series of
"additional measures" to reduce costs. These include "strict
limitations" on hiring in non-client facing areas of the
business and targeted reductions in management. Deutsche Bank
also wants to further downsize its technology centre in Russia,
caught up in tensions over the invasion of Ukraine. Between
January and March this year, the group's investment banking arm
saw revenues drop sharply by 19 percent as compared with the
same period in 2022. Asset management revenues similarly fell by
14 percent amid volatility on markets. (ANSA-AFP).
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Deutsche Bank to make more cuts as profits rise
Lender booked a net profit of 1.3 billion euros