Deutsche Bank net profit drops 34% but beats expectations

|About: Deutsche Bank AG (DB)|By:, SA News Editor

Deutsche Bank's (DB) Q1 net profit slumped 34% to €1.08B ($1.5B), although the figure exceeded consensus of €1.01B.

Revenues dropped 11% to €8.4B.

Pretax profit plunged 30% to €1.68B vs consensus of €1.4B.

Revenue from trading fixed income, currencies and other products declined 10% to €2.43B but was also above expectations of €2.12B.

Basel III Tier 1 capital ratio declined to 9.5% from 9.7% in December.

After markets closed yesterday, Deutsche Bank said it plans to auction at least €1.5B in "contingent convertible" bonds to help increase capital levels and meet stricter leverage limits.

Shares are +2.5% in Frankfurt. (PR)