Despite the corona virus crisis, Deutsche Bank posted a profit in the first quarter, exceeding analyst expectations. Before taxes, the group posted a profit of 206 million euros, announced Germany’s largest money house yesterday evening. After taxes, it was 66 million euros.
By contrast, analysts had expected an average loss before tax of almost EUR 269 million. The bank’s capital cushion shrank from 13.6 percent to 12.8 percent at the end of March, partly due to the burdens from the coronavirus crisis.
“We are determined to use our balance sheet to support customers who now need us especially,” said CEO Christian Sewing. “With this decision, our core Tier 1 ratio could temporarily fall short of our target of at least 12.5 percent without weakening our bank’s solid balance sheet.”
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