Deutsche Bank: shares jump after upbeat results
(CercleFinance.com) - Deutsche Bank reported on Sunday night better-than-expected quarterly profit and confirmed its financial targets, which sent its shares up over 7% in early morning trading.
Seeking to address "uncertainties" around market expectations and media reports about a first-quarter loss, the German lender said its expects to post pre-tax profit of 206 million euros, with net income of 66 million euros over the first three months of the year, both above market expectations.
The rise results from growth in revenues at its core businesses, it said, together with continued progress in cost cutting.
With many of its clients facing challenges from the COVID-19 pandemic, Deutsche Bank said it plans to let itself "modestly" and "temporarily" dip below its target CET 1 ratio of at least 12.5%, if necessary.
At the end of the first quarter, its common equity Tier 1 (CET1) ratio was 12.8%.
The bank said it will publish detailed first-quarter results on Wednesday morning.
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