Deutsche Bank (DB) Posts Q1 Net Income of EUR 1.7B, Up from EUR 1.4B Last Year
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After announcing plans to sell up to 90 million new shares earlier, Deutsche Bank AG (NYSE: DB) reported income before income taxes was EUR 2.4 billion in the first quarter 2013 versus EUR 1.9 billion in the first quarter 2012, an increase of EUR 527 million, or 28%. Net income for the quarter was EUR 1.7 billion, versus a net income of EUR 1.4 billion in the first quarter 2012. Diluted earnings per share for the quarter were EUR 1.71, compared to EUR 1.45 in the first quarter 2012. Post-tax return on average active equity was 12%, versus 10% in the first quarter 2012.
Following the completion of the capital measure Deutsche Bank announced today, which is expexted to add approximately EUR 2.8 billion to its Core Tier 1 capital, Deutsche Bank expects the pro-forma fully loaded Basel 3 Core Tier 1 ratio to increase from 8.8% as at 31 March 2013 to approximately 9.5%.
Commenting on 1Q2013 results, Jürgen Fitschen and Anshu Jain, Co-Chairmen of the Management Board and the Group Executive Committee, said: “We are proud of the achievements of the bank in the first quarter of 2013. We delivered robust financial performance, with substantial profit growth versus the prior year quarter. This reflects the strength of our franchise in the face of continued regulatory challenges, and cost efficiencies arising from our Operational Excellence Program, which is proceeding as planned.”
Commenting further on Deutsche Bank’s focus on increasing its capital ratios, they said: “When we announced Strategy 2015+ we made strengthening capital ratio a top priority. Nine months later we are pleased that Deutsche Bank ranks today amongst the best-capitalized banks in the world in our global peer group.” They added: “The primary objective of Strategy 2015+ is to position the bank to be nimble enough to capitalize on opportunities to invest in our franchise and create long-term value for our shareholders. Our strong momentum to date, including the further capital supply measures we previously identified as a part of our capital toolbox, enable us to accelerate our progress.”
Following the completion of the capital measure Deutsche Bank announced today, which is expexted to add approximately EUR 2.8 billion to its Core Tier 1 capital, Deutsche Bank expects the pro-forma fully loaded Basel 3 Core Tier 1 ratio to increase from 8.8% as at 31 March 2013 to approximately 9.5%.
Commenting on 1Q2013 results, Jürgen Fitschen and Anshu Jain, Co-Chairmen of the Management Board and the Group Executive Committee, said: “We are proud of the achievements of the bank in the first quarter of 2013. We delivered robust financial performance, with substantial profit growth versus the prior year quarter. This reflects the strength of our franchise in the face of continued regulatory challenges, and cost efficiencies arising from our Operational Excellence Program, which is proceeding as planned.”
Commenting further on Deutsche Bank’s focus on increasing its capital ratios, they said: “When we announced Strategy 2015+ we made strengthening capital ratio a top priority. Nine months later we are pleased that Deutsche Bank ranks today amongst the best-capitalized banks in the world in our global peer group.” They added: “The primary objective of Strategy 2015+ is to position the bank to be nimble enough to capitalize on opportunities to invest in our franchise and create long-term value for our shareholders. Our strong momentum to date, including the further capital supply measures we previously identified as a part of our capital toolbox, enable us to accelerate our progress.”
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