Shares of Deutsche Bank (NYSE: DB) went up in pre-market trading on Thursday after the bank logged in profit for the 11th consecutive quarter with a net profit of €1.3 billion in Q1, up by 8% year-over-year and above consensus forecasts of €864.54 polled by Reuters.
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The bank’s net revenues climbed by 5% year-over-year to €7.7 billion which was the DB’s “highest quarter since 2016” and was driven by net inflows of €12 billion across the private bank and asset management businesses. However, the bank’s deposits declined to €592 billion from €621.5 billion at the end of Q4.
Deutsche Bank’s diluted earnings came in at €0.61 per share versus €0.55 in the same period a year back. The bank’s CET 1 capital ratio, a measure of bank solvency, stood at 13.6% in Q1 up by 12.8% year-over-year.
The bank’s investment banking arm DWS Group, however substantially slashed jobs at its US fixed-income unit.
Analysts remain cautiously optimistic about DB stock with a Moderate Buy consensus rating based on seven Buys, five Holds, and two Sells.
