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Deutsche Bank Q1 profit surges on debt trading
April 27, 2017 / 5:28 AM / 7 months ago

Deutsche Bank Q1 profit surges on debt trading

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

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