Deutsche Bank AG (DB) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 27, 2022 7:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. I'm Franzi, your Chorus Call operator. Welcome, and thank you for joining the Deutsche Bank's Q1 2022 Analyst Call. [Operator Instructions]. I would now like to turn the conference over to Ioana Patriniche, Head of the Investor Relations. Please go ahead.

Ioana Patriniche

Thank you for joining us for our first quarter 2022 results call. As usual, our Chief Executive Officer, Christian Sewing, will speak first. followed by our Chief Financial Officer, James von Moltke. The presentation, as always, is available to download in the Investor Relations section of our website, db.com.

Before we get started, -- let me just remind you that the presentation contains forward-looking statements, which may not develop as we currently expect. We therefore ask you to take notice of the precautionary warning at the end of our materials. With that, let me hand over to Christian.

Christian Sewing

Thank you, Ioana. A warm welcome from me as well. It's a pleasure to be discussing our first quarter 2022 results with you today. Before we go through this, we are mindful that the war in Ukraine has been devastating for millions of people and continues to bring a high degree of uncertainty to the world economy, to the market environment and to our clients.

We have made our position clear. We condemn the Russian innovation of Ukraine in the strongest possible terms, and we support the German government and its allies in defending democracy and freedoom. We are not taking on any new business in Russia, nor with entities incorporate in Russia. We have been clear that we are in the process of winding down our operations in line with our legal and regulatory obligations and are accompanying our clients in doing the same.

We are committed to helping our clients navigate this period of upheaval and we are supporting our people in Ukraine and their families. However, This, of course, has the potential to impact our full year results in our important measurement year. Nonetheless, we delivered the highest quarter of net profit since 2013, and we believe this puts us on a good trajectory to reach our 2022 goals.

That shows through in our performance. We delivered group revenues of €7.3 billion an increase of 1% year-on-year even compared with a strong quarter in the prior year. We saw revenue growth across all 4 core businesses, driven by business momentum, market share gains and investments that will support sustainable growth in 2022 and beyond.