...Deutsche Bank AG (A-/Stable) reported a 39% year-on-year (yoy) increase in pre-tax profit in 1Q25, helped by strong trading income and improved cost control. The bank's 3.2% operating profit/risk-weighted assets ratio places it among the strongest performing European global trading and universal banks in 1Q25 and is consistent with Fitch's expectation of the positive development of the bank's profitability and with the bank's rating. Results for the quarter were ahead of Deutsche Bank's 2025 revenue and return targets, which Fitch believes are achievable, particularly if the Fixed Income and Currencies (FIC) business remains strong, given weaker growth prospects in corporate lending, origination and advisory. Revenue increased by EUR745 million (10%) yoy, mainly driven by strong FIC business (up EUR431 million yoy) and continued growth in revenue from assets under management. Revenue also included EUR253 million from positive temporary valuation and timing effects on banking book hedges...
