Deutsche Bank said Tuesday it posted better than expected first quarter profits of above expectations.
Net Profits rose to($1.56 billion) €1.2 billion or €1.92 cents from €141 million or €27 cents same period last year. Revenues were €7.2 billion increase from €4.6 billion a year ago.
Its Tier 1 capital ratio was 10.2 percent up from 10.1 percent the end of the quarter, and it is more than the bank's expected target of 10 percent.
“This was a key quarter for Deutsche Bank.” Josef Ackermann, Chairman of the Management Board said increase in earnings will remains its robust capital capabilities and liquidity position, there is no need to raise its capital.
Deutsche Bank has more than 10 billion euros in markdowns since 2007 has booked 1 billion markdowns from €3.2 billion mark-downs.
It also said Josef Ackermann will remain its chief executive until 2013, as it hopes to secure leadership continuity through the financial crisis.
However, shares fell $2.46 to 4.43 percent at $53.02 or €40.36 in the regular trading.