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german bank reported on Wednesday a net profit of 1.06 billion euros ($1.13 billion) for the first quarter of the year.
Analysts had forecast a figure of 1.01 billion euros for the three-month period, according to Refinitiv data.
March 11th, german bank said it would scale back its operations in Russia, a big U-turn from its initial stance when war broke out in Ukraine. The German bank said it was joining a number of international peers in leaving the country in response to its invasion of Ukraine and resulting operating restrictions.
As such, Deutsche Bank said it reduced its exposure to Russia during the first quarter. Gross credit exposure decreased 5% to €1.3 billion and net credit exposure decreased 21% to €500 million during the quarter.
The German Moneylender Surprised markets at the end of 2021 with a profit of 145 million euros when investors had estimated a net loss for the last quarter of the year. The shares are down 6.6% since the beginning of the year.
This is breaking news and is being updated.