FRANKFURT -Deutsche Bank posted on Thursday a better-than-expected 10% increase in first-quarter profit as a resurgence in fixed-income trading and deal-making propelled revenue at its investment banking division.
"These results represent another step forward," Chief Executive Officer Christian Sewing said in a note to staff. Deutsche's investment banking revenue rose 13% during the quarter, better than the 6.9% rise expected by analysts. A 5% drop in revenues at the corporate bank missed expectations for a 3.5% fall, and the retail division's 2% revenue decline came in as forecast.
Deutsche Bank set out in 2019 to reduce dependence on its volatile investment bank and rely instead on more stable businesses that serve companies and retail customers as a way to restore profitability.The retail division, while benefiting from higher interest rates and the income that provides, has drawn the scorn of regulators after it botched the integration of its Postbank arm, leaving customers complaining that they were locked out of their accounts and unable to reach call centres.