Analyst Note| Niklas Kammer, CFA |
Deutsche Bank reported operating profits before tax of EUR 1,615 million versus consensus estimate of EUR 1,340 million as collected by the bank prior to the release. Strong revenue performance, in particular in the corporate bank and investment bank, was the core driver of the better-than-expected results. Total net revenues increased 15% to EUR 6,918 million compared with the same quarter a year ago. Operating expenses on an underlying basis and excluding foreign exchange impacts declined 1%, while loan loss provisions increased to EUR 350 million from EUR 117 million a year ago. We maintain our EUR 11 per share fair value estimate and no-moat rating.