Deutsche Bank recorded more profit in the first quarter of 2021, with annual income also increasing significantly. This was announced by the German investment bank on Wednesday morning.

“The first quarter shows that Deutsche Bank is on the right track with all four core activities and is building on sustainable profitability,” said CEO Christian Sewing in a statement.

In the last quarter, the profit amounted to just over a billion euros compared to 66 million euros a year earlier. Revenues amounted to 7.2 billion euros, which represents an increase of 14% compared to last year. Since the first quarter of 2017, no such income was reported as in the previous quarter.

In particular, revenues from the investment bank increased significantly by 32% to just over EUR 3 billion, while revenues from asset management also increased significantly by 23% to EUR 637 million.

Deutsche Bank made a provision of 69 million euros in the last quarter compared to 506 million euros last year.

The Tier 1 capital ratio was 13.7 percent at the end of March, an improvement of 0.9 percentage points compared to last year. The debt ratio rose from 4.0 to 4.6 percent. Deutsche Bank managed to reduce costs further.

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