German banking major Deutsche Bank has achieved a profit increase at the start of 2024 despite higher provisions for potential risks, the Frankfurt-based DAX-listed company said on Thursday.
It reported that its first-quarter profit attributable to shareholders grew 10% to €1.28 billion ($1.37 billion) from last year's €1.16 billion.
Earnings per share improved to €0.69 from €0.61 in the prior year quarter.
Deutsche Bank reported 10% year-on-year growth in profit before tax to €2.04 billion in the first quarter of 2024.
Net revenues grew 1% to €7.78 billion from last year's €7.68 billion, primarily driven by growth of 11% in commissions and fee income.
Net revenues went up 3% overall in the bank's four operating businesses.
Christian Sewing, chief executive officer, said: "As promised, we delivered on our cost target and we are determined to maintain this discipline. Our strong capital base enables us to increase distributions to shareholders while supporting business growth. On all dimensions, we are firmly committed to continued delivery on our path towards our 2025 goals."
Further, Deutsche Bank said for its annual general meeting on May 16, the management and the supervisory boards have proposed the payment of a cash dividend of €0.45 per share in respect of the financial year 2023, up 50% over 2022.
