FRANKFURT, April 29 (Xinhua) -- Deutsche Bank on Tuesday released its financial results for the first quarter of this year, reporting a marked increase in profit.
The bank recorded strong year-on-year growth of 39 percent in both profit before tax and net profit, reaching 2.8 billion euros (3.19 billion U.S. dollars) and 2 billion euros, respectively.
All business divisions posted year-on-year profit increases, with profit before tax in the Asset Management and Private Bank segments rising by 67 percent and 43 percent, respectively.
According to the bank, the strong performance was driven by higher revenue and effective cost-cutting measures.
Non-interest expenses and non-operating costs declined by 2 percent and 64 percent, respectively.
"We are very happy with the first-quarter results, which put us on track to deliver on all our 2025 targets," said Christian Sewing, chief executive officer of Deutsche Bank. (1 euro = 1.14 U.S. dollar)
