Bulletin: Deutsche Bank's First Quarter Results Underscore Its Improving Resilience

LONDON (S&P Global Ratings) April 28, 2021--S&P Global Ratings notes the solid first-quarter results Deutsche Bank reported today. While buoyed by cyclical investment banking revenues, the underlying trends are consistent with the improvements that we recognized when we revised our outlook to positive two months ago (see "Deutsche Bank Outlook Revised To Positive On Improving Resilience; Ratings Affirmed And "May-Pay" Notes Upgraded," Feb. 26, 2021). As we said in February, our primary focus is on whether the final phase of strategic execution of the restructuring plan will deliver much stronger profitability from 2022, close to management's targeted 8% return on total equity. This more efficient, focused, and well-controlled business and operating model should deliver the operating and franchise stability and

...April 28, 2021 LONDON (S&P Global Ratings) April 28, 2021--S&P Global Ratings notes the solid first-quarter results Deutsche Bank reported today. While buoyed by cyclical investment banking revenues, the underlying trends are consistent with the improvements that we recognized when we revised our outlook to positive two months ago (see "Deutsche Bank Outlook Revised To Positive On Improving Resilience; Ratings Affirmed And "May-Pay" Notes Upgraded," Feb. 26, 2021). As we said in February, our primary focus is on whether the final phase of strategic execution of the restructuring plan will deliver much stronger profitability from 2022, close to management's targeted 8% return on total equity. This more efficient, focused, and well-controlled business and operating model should deliver the operating and franchise stability and sustainable, predictable performance that the bank has lacked since 2014. Easing residual downside risks related to the pandemic, notably on asset quality, would also...

Bulletin