...April 27, 2023 LONDON (S&P Global Ratings) April 27, 2023--S&P Global Ratings said today that Deutsche Bank AG (A-/Stable/A-2) performed solidly in the first quarter (Q1) of 2023 amid banking sector volatility. Short selling of the bank's shares in late March had a relatively modest impact on its funding and liquidity profile, and it achieved its strongest Q1 earnings since 2013. We think this illustrates that Deutsche Bank's 2019-2022 transformation program has delivered a more resilient, focused, and profitable firm. Deutsche Bank's diversified deposit base and reduced reliance on short-term wholesale funding enabled it to successfully navigate the liquidity stress triggered by the short selling. The bank's 143% liquidity coverage ratio as of March 31, 2023, remained comfortably above the 130% internal target. Deposit balances declined by 5% during Q1, or 4% at constant exchange rates. This is similar to several European peers that have already reported their Q1 results, including Banco...
