Analyst Note| Niklas Kammer, CFA |
Deutsche Bank reported a good first-quarter 2021. Revenue increased 14% to EUR 7.2 billion, driven by another strong performance in its investment banking division as well as strong growth in asset management. At the same time, operating expenses were held in check, down 1% to EUR 5.6 billion. This resulted in a 43% boost to preprovision profits versus the same period last year. We raise our fair value estimate to EUR 10.30 from EUR 9 per share after adjusting our revenue expectations upward as well as the time value of money since our last model update. Our no moat and stable trend ratings are unchanged.