FRANKFURT, April 27 (Reuters) - Deutsche Bank posted a 143 percent rise in first-quarter net profit to 575 million euros ($627 million), benefiting from lower legal costs for past misdeeds and a rebound in debt trading.
Germany’s flagship lender beat expectations of analysts who had expected the bank to post a first-quarter net profit of 522 million euros.
“Client engagement is strong, asset flows are returning across the bank and activity is picking up. Our cost-cutting efforts are starting to pay off, while we have reduced complexity significantly”, Chief Executive John Cryan said in a statement on Thursday.
Revenues at its cash cow bond trading division were up 11 percent in the quarter as it benefited from a surge in trading across interest rate products, commodities and foreign exchange (FICC), while sales were down 10 percent in equity trading.
$1 = 0.9169 euros Reporting by Arno Schuetze; Editing by Maria Sheahan