Deutsche Bank: strong rise in quarterly net income.

(CercleFinance.com) - Deutsche Bank posted a strong rise in its first-quarter net profit, which was primarily facilitated by the group's cost-cutting efforts.


The German lender said its quarterly net income rose 143% year-on-year to 575 million euros, even though its revenue fell 9% to 7.3 billion euros.

Non-interest expenses decreased 12% year-on-year to 6.3 billion euros, reflecting headcount being reduced by around 1,600 over the quarter alone.

Deutsche Bank pointed out that headcount had been reduced by approximately 3,300 positions, versus the end of the first quarter of 2016.

John Cryan, chief executive officer, nevertheless stated that asset flows are "returning across the bank" and activity is "picking up."

Despite this, the bank's shares are losing 3.1% at 16.8 euros this morning, in a market that is down 0.2%.

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