Photo : Collected

FRANKFURT, Germany, April 29, 2025 (BSS/AFP) - Germany's biggest lender Deutsche Bank on Tuesday reported a sharp jump in profits for the first three months of the year, boosted by higher-than-expected revenues.

Net profit attributable to shareholders came in at 1.8 billion euros ($2 billion) in the first quarter, up 39 percent from the same period last year, the bank said in a statement.

Earnings were up across all sectors, contributing to the group's "best quarterly profit for 14 years", chief executive Christian Sewing said.

Analysts surveyed by the financial data firm FactSet had predicted a more modest profit of 1.7 billion euros.

Despite falling interest rates, net revenues rose by 10 percent compared with the previous year, reaching 8.5 billion euros.

After a dip in profits last year, mainly due to significant litigation costs, Deutsche Bank has set itself more ambitious aims for 2025.

"We are very happy with first-quarter results which put us on track for delivery on all our 2025 targets," Sewing said.

Deutsche Bank's cost-income ratio came in at 61.2 percent in the first quarter -- in line with the 2025 target for the key financial indicator of below 65 percent.

In the group's investment banking division, profit before tax was up 22 percent year-on-year to 1.5 billion euros.

Deutsche Bank has undergone major restructuring in recent years, seeking to rely more on retail and corporate banking after an aggressive shift in the early 2000s into investment banking drew it into multiple scandals.

The strategy seems to have paid off, with the bank reaping greater profits.