Q1 net 1.5 bln eur, up 10% (Il Sole 24 Ore Radiocor) - Berlin, 25 Apr - Deutsche Bank said its first quarter net revenue rose 1% to 7.8 billion euros driven by 11% growth in commissions and fee income that offset lower net interest income as interest rates stabilized.

The bank's compound annual revenue growth rate since 2021 over the last twelve months was 6.0% at the end of the first quarter, within the bank's raised target range of between 5.5-6.5%.

Assets under management grew by 72 billion euros across the Private Bank and Asset Management during the quarter, including net inflows of 19 billion, which is expected to support future revenue growth in these businesses.

Pretax profit increased 10% to 2.0 billion euros and net profit also advanced 10% to 1.5 billion.

Post-tax return on average tangible shareholders' equity (RoTE) was 8.7%, up from 8.3% in the first quarter of 2023, as profit growth more than offset higher tangible shareholders' equity driven by organic capital generation.

Post-tax return on average shareholders' equity (RoE) was 7.8% in the quarter, up from 7.4% in the prior year quarter.

Provision for credit losses was 439 million, or 37 basis points of average loans, down from 488 million in the fourth quarter of 2023. For the full year 2024, provisions for credit losses are expected to remain at the higher end of the previously communicated guidance range of 25-30 basis points of average loans.

The common equity tier one capital ratio was 13.4% at the end of the first quarter of 2024, compared to 13.7% at the end of the fourth quarter of 2023.

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(RADIOCOR) 25-04-24 08:13:56 (0130) 5 NNNN