Deutsche Bank Releases Q1 Earnings Early

Moments after reporting its surprising 10% equity dilution, DB proceeds to release it Q1 earnings early. Some of the highlights:

  • Revenue €9.4 bn, Est. €9.23 bn, up €197MM Y/Y
    • Banking and Securities revenues down €209MM Y/Y to €4.6 BN
    • Global Transaction Banking revenues up €25MM to €992MM
    • Revenues in Non-Core Operations Unit up 76% to €427MM, compared to €243MM in Q1 2012
      • NCOU revenue was driven by de-risking activities, fair value movements and impairments as well as increases in underlying net interest margin and revenues on operating assets
    • Consolidation and Adjustments revenue -€261, up €121 MM from prior year
  • Non-Interest expenses €6.6Bn, down 5% Y/Y
  • Net Income €1.661 billion, up €253MM Y/Y
  • Diluted earnings per share €1.71
  • Provision for credit losses at €354MM, up €40 MM from prior year, but down €79MM from Q4.
  • Sales and Trading(debt and other products) down €438MM, or -14% Y/Y
    • "Improved performances in Flow Credit, Client Solutions and emerging markets were more than offset by lower revenues in Global Liquidity Management and notably in European Rates, as macroeconomic uncertainty impacted client activity"
  • Origination and Advisory net revenues increased by EUR 38 million, or 6%, compared to the first quarter 2012
  • Current capital measures expected to add approximately EUR 2.8 billion to Core Tier 1 capital, taking Basel 3 fully loaded pro forma Core Tier 1 ratio to approximately 9.5%
    • Potential further creation of approximately EUR 2 billion of subordinated capital planned over next twelve months

Tabular:

Full press release below (link):

 

And the far more informative supplement which is not a PR release: