Deutsche Bank AG

DBK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€95.00	Wmz	Gfdcs

Deutsche Bank Earnings: Investment Bank Stands Out Positively

Niklas Kammer

Apr 29, 2024

Deutsche Bank reported a good first quarter. Profit before tax rose 10% to EUR 2 billion, while return on average tangible equity came in at 8.7%. The cost/income ratio improved to 68% from 71% last year. The improved efficiency was due to good revenue retention and cost improvements. We maintain our EUR 13 per share fair value estimate and no-moat rating.

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