...LONDON (S&P Global Ratings) April 26, 2018--S&P Global Ratings said today that its ratings and CreditWatch placement on Deutsche Bank AG are not immediately affected following the bank's announcement of its first-quarter 2018 results and planned adjustment to strategy. Even allowing for comparison with a relatively strong first quarter of 2017 and the earnings headwind from a weaker U.S. dollar, in our view the first-quarter results were lackluster. Aside from the improved market conditions, and so performance in comparison with the fourth quarter of 2017, the key results we note are: a statutory profit of 120 million; a return on tangible equity of barely 1%; seemingly weaker performance than peers in corporate and investment bank (CIB) activities; and overall, no bright spots in divisional operating performance. Robust asset quality and liquidity remained constants, however, and the important Postbank integration remains on track. The slight decline in capitalization--Common Equity Tier...
