Bloomberg News reports that net income dropped 34% to $1.5bn in the three months through March from a year earlier, the company said in a statement on its website Tuesday. That compared with the $1.4bn average of 10 analyst estimates compiled by Bloomberg.
Revenue from trading fixed income, currencies and other products decreased 10% to $3.37bn, exceeding the $2.94bn average of nine analysts’ estimates. The majority of the commodities trading business is no longer included in the calculation, Deutsche Bank said.
'The results were quite positive', Steven Gould, an analyst at Natixis Securities in Paris, said by telephone. 'The capital situation is less of a worry than people were anticipating'.
Deutsche Bank is among global investment banks contending with a slowdown in trading revenue as clients shy away from investing amid uncertainty over monetary policy and a geopolitical crisis with Russia over Ukraine. It has faced calls from investors to raise capital by selling shares after earnings were squeezed from shrinking its balance sheet to meet stricter regulatory rules.
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