The Deutsche Bank AG headquarters in the monetary district of Frankfurt, Germany, on Thursday, Feb. 1, 2024.
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Deutsche Bank on Thursday reported 1.275 billion euros ($1.365 billion) in net profit attributable to shareholders in the foremost quarter, marking a 10% annual increase.
Analysts had forecast a result of 1.23 billion euros for the period, contract to LSEG data.
Revenue rose 1% year-on-year to 7.8 billion euros, which it attributed to growth in commissions and fee receipts.
Germany’s biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the elementary quarter last year.
In 2023, the bank announced it would cut 3,500 jobs over the coming years, as it ends 2.5 billion euros in operational efficiencies to boost profitability and increase shareholder returns.
This is a breaking newscast story and will be updated shortly.