The mood music around Deutsche Bank has changed.
For the first quarter of 2021, it delivered its best financial results for seven years, with a pre-tax profit of €1.6 billion (€1 billion after tax), well ahead of analyst expectations, and a return on tangible common equity (RoTE) of 7.4% on a strong common equity tier-1 (CET1) ratio of 13.7%.
Suddenly, management’s aims to deliver an 8% post-tax return in 2022 and then start handing back €5 billion of capital to shareholders look almost conservative, instead of highly ambitious.
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