Deutsche Bank Q1 Net Profit Drops

Germany's

reported a drop in its net profit for the first quarter. The bank's quarterly net profit slipped around 50 percent to EUR559 million ($607.8 million) or 0.38 euros per share, hurt by legal expenses, versus a year-ago profit of EUR1.1 billion or 0.98 euros per share. Its revenue climbed 24 percent to EUR10.4 billion. Income before income taxes slipped 12 percent to 1.48 billion euros from 1.7 billion euros. Non interest expenses climbed 34 percent to 8.7 billion euros. Return on equity shrank to 3 percent in the first quarter from 8 percent. Revenue at its asset-and-wealth-management unit climbed 29 percent to EUR1.4 billion, while revenue at global transaction banking operations surged 11 percent to EUR1.1 billion. Revenue at its corporate banking & securities segment jumped 15 percent to 4.7 billion euros. Deutsche Bank shares gained 0.32 percent to close at $34.26 on Friday.