Deutsche Bank to release Q1 results after touting strong 2020 start

Deutsche Bank is to release details on its surprisingly strong start to 2020 on Wednesday.

Germany’s leading lender already announced late Sunday that it expects to report a profitable first quarter. Deutsche Bank anticipates a profit of 206 million euros (223 million dollars) before tax, or 66 million euros after tax.

This bucks market expectations, with analysts having forecast losses for the Frankfurt-based bank both before and after tax for the first three months of the year.

Deutsche said it expects to report an income of 6.4 billion euros in the first quarter, which would be an improvement on the same period last year.

However, the bank is still far from out of danger, as the coronavirus pandemic takes its toll on the world economy.

All eyes are on the management board for indications of how the crisis will affect the bank’s bottom line, as it strives to make pre-tax profits in 2020 following five loss-making years in a row.

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Deutsche Bank chief executive Christian Sewing announced a sweeping restructuring programme at the troubled lender in July 2019, with thousands of job cuts and curbs to the company’s investment banking division.

Sewing is shifting focus onto Deutsche’s corporate bank, whose clients range from family businesses to multinational corporations, as part of his plans to turn around the lender’s fortunes in its 150th anniversary year. (dpa)