Deutsche Bank has recorded a first quarter net
income of €2.1bn ($3.1bn), up by 16.7% compared with the first
quarter a year-ago.
Pre-tax income for the three months to
end-March rose by 7% year on year to 3bn.
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Deutsche Bank’s retail-focused Private and
Business Clients unit posted a pre-tax income for the three months
to 31 March of €788m, which included a €221m contribution from its
acquisition of Postbank, Germany’s largest retail bank.
The boost in first quarter pre-tax income at
Deutsche Bank’s Private and Business Clients unit compared with a
pre-tax profit of €189m in the first quarter of 2010.
Excluding the contribution from Postbank and
Beijing-based HuaXia Bank, Deutsche Bank’s pre-tax profit at its
Private and Business Client unit was €331m as of 31 March 2011.
Revenues in the Private and Business Client
unit increased by 118% year on year to just over €3bn.
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By GlobalDataProvisions for credit losses up by 88%
Provisions for credit losses, however, soared
88% year on year to €320m.
The unit’s cost-income ratio improved from 75%
to 61%, but at group level, the cost-income ratio increased to
67.6% from 66% in the year-ago quarter.
Deutsche Bank had total assets of €1.84tr as
of the end of March, down by 3.5% from year-end 2010.
