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Deutsche Bank: increase in net profit, new measures to cut costs

01/05/2023
Source : ORISHAS FINANCE
Categories: Sectors

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Le jeudi 27 avril 2023, le géant bancaire allemand Deutsche Bank announced that it recorded a net profit of 1.3 billion euros in the first quarter, up 8% year on year. The group has announced new measures to cut costs.

Deutsche Bank announced in a press release that its net profit increased in the first quarter. According to the press release, the pre-tax profit, at 1.9 billion euros (1.85 billion francs), is the best quarterly balance recorded in 10 years. En ce qui concerne les investissements de la banque, les ventes globales, à 7.7 billion euros increased by 5% thanks to the rapid rise in interest rates, but fell by 19%. Alors que la banque s' est fixée comme objectif de les maintenir stables sur l' année, les charges hors intérêts ont totalisé 5 1.5 billion euros, up 1% over one year.

In addition, the bank announced additional measures to cut costs even more than expected and further increase profitability. These measures include strict limitations on hiring in units that are not in contact with customers, targeted reductions in management levels in the organization chart, and the streamlining of the mortgage product platform. In reality, it will be a matter of continuing to reduce the workforce in its technology district in Russia.

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