Analyst Note| Niklas Kammer, CFA |
No-moat Deutsche Bank reported first-quarter profits before tax of EUR 1,658 million, up 4% versus the same period a year ago on an overall strong showing. Revenue was up only 1%, dragged down by a EUR 353 million negative revenue in corporate and other, but performance across its operating segments was good. The corporate bank took the lead with another strong quarter (up 11%), followed by an above-our-expectations showing in the investment bank (up 7%) and asset management (up 7%). We maintain our fair value estimate of EUR 11 per share.