FILE-In this March 18, 2019 file photo headquarters of Deutsche Bank, left, and Commerzbank are seen in Frankfurt, Germany. Deutsche Bank and Commerzbank are halting talks on a possible merger that would have created Germany's biggest financial institution. (AP Photo/Michael Probst)

Deutsche Bank lowers outlook as revenues disappoint

April 26, 2019 - 4:07 am

BERLIN (AP) — Deutsche Bank said Friday its net income profit rose 67 percent in the first quarter, though revenue dropped 9 percent as proceeds from trading declined sharply. The company lowered its revenue outlook for the year.

Germany's biggest bank reported details of its January-March earnings a day after it abandoned talks on a possible merger with German peer Commerzbank.

It said net profit was 201 million euros ($224 million), compared with 120 million euros a year earlier.

Revenues dropped to 6.35 billion euros from 6.98 billion euros. The bank said revenues from fixed income sales and trading were off 19 percent at 1.5 billion euros, while those from equity sales and trading dropped 18 percent to 468 million euros.

CEO Christian Sewing said that "our continued cost discipline helped us to offset lower revenues."

However, the bank said that "we expect revenues in 2019 to be essentially flat compared to 2018," compared with its previous call for a slight increase.

Deutsche Bank shares dropped 4.1 percent to 7.23 euros in Frankfurt trading.

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