Deutsche Bank has best quarter in 7 years

FAN Editor

Deutsche Bank shares rallied on Wednesday after the German bank reported its highest quarterly profit in seven years. 

Ticker Security Last Change Change %
DB DEUTSCHE BANK AG 13.68 +1.33 +10.76%

“Our first quarter is further evidence that Deutsche Bank is on the right path in all four core businesses, and is building sustainable profitability,” said Christian Sewing, Chief Executive Officer in the company’s financial update. 

Gains in the shares Wednesday will build on its 13% advance so far this year. 

Sewing has led a two-year effort to exit riskier lines of business, cut costs and restore steady profitability.

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The results showed a distinctly different narrative for the bank, which had struggled for years with high costs and low profits as it faced heavy fines and trouble with regulators over matters such as manipulating interest benchmarks, lax money laundering protections and selling mortgage-based bonds that went bad.

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Sewing told investors he is confident it can meet 2022 targets. 

 The Associated Press contributed to this report. 

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