FRANKFURT (Reuters) – Deutsche Bank posted a better-than-expected 9% rise in first-quarter profit as income from higher interest rates offset a slump in revenues at the investment bank, figures on Thursday showed.
The bank also flagged job cuts in non-client facing staff as it reported a steep drop in investment banking revenue that was worse than expectations.
Net profit attributable to shareholders was 1.158 billion euros ($1.28 billion). That compares with profit of 1.060 billion euros a year earlier, and it is better than analyst expectations for a profit drop to around 977 million euros.
($1 = 0.9050 euros)
(Reporting by Tom Sims and Marta Orosz; Editing by Miranda Murray)
