John Cryan, Chief Executive Officer, said: “I am pleased with the start we have made to 2017. Client engagement is strong, asset flows are returning across the bank and activity is picking up. Our cost-cutting efforts are starting to pay off, while we have reduced complexity significantly. We have laid firm foundations upon which Deutsche Bank can once again deliver good results.”

Profitability

• Pre-tax profit of € 878 million, up 52% year-on-year
• Net income of € 575 million, up 143% year-on-year

Revenues

• € 7.3 billion, down 9% year-on-year
• The decline was predominantly due to a negative swing of € 0.7 billion year-on-year resulting mainly from the development of Deutsche Bank’s credit spreads
• Adjusted for this effect, revenues would have been broadly flat year-on-year
  Provision for credit losses
• € 133 million, down 56% year on year, primarily due to improved performance in the metals and mining and oil and gas portfolios

Costs

• Noninterest expenses of € 6.3 billion, down 12% year-on-year
• Adjusted costs of € 6.3 billion, down 5% year-on-year, reflecting restructuring progress and closure of Non-Core Operations Unit (NCOU) at the end of 2016
• Headcount reduced by ~1,600 during the quarter, despite internalisation of ~200 external staff
• Headcount reduced by ~3,300 versus the end of the first quarter of 2016 despite internalisation of ~1,900 external staff in the COO function and ~370 net hires in Compliance and Anti-Financial Crime
• Branch optimisation: 130 out of planned 188 branch closures in Germany now complete. All eight advisory centres are now up and running

Capital

• Fully loaded CRD 4 Common Equity Tier 1 (CET1) ratio of 11.9%, slightly up versus 31 December 2016
• Impact of capital raising: pro-forma fully loaded CET1 ratio of 14.1% at 31 March 2017
• Risk Weighted Assets (RWA), fully loaded, of € 358 billion, stable since year-end. CRD 4 leverage exposures of € 1,369 billion, up 2% versus 31 December 2016, reflecting a return of client activity

Full press release (ENG)