Announcement from Christian Sewing Regarding Q1 Results of 2024 Addressed to Our Entire Team
Bank Announces Q1 2024 Financial Results and Strategic Measures
In a recent update, Christian, the CEO of the leading global bank, shared the financial results and strategic measures for the first quarter of 2024. Despite the unstable economic outlook and the growing geopolitical uncertainties, the bank has managed to post impressive growth.
The bank's commissions and fee income increased by 11% in Q1 2024, reaching €7.8 billion. This growth was driven by the success of the Investment Bank, which achieved the highest revenue growth over the first three months of 2024, with an increase of 13%.
Assets under management saw a significant boost, with Asset Management reaching €941 billion in Q1 2024, a 101 billion euro increase compared to the same quarter last year. The Private Bank also saw a record high, with assets under management rising to €606 billion.
The bank has been focusing on cost management and has made significant strides in this area. Adjusted costs were reduced by 6% in Q1 2024, reaching a quarterly target of €5 billion. This reduction led to a significant drop in the cost/income ratio, which fell to 68% in Q1 2024, down from 71% a year ago.
The bank's financial strength, deep and long-standing client relationships, and great people around the world have been instrumental in these achievements. Christian, the CEO, thanked the team for their contributions and expressed his excitement about continuing the journey with them. He emphasized the importance of continuing to dedicate themselves to the economic success and financial security of clients.
Looking ahead, the bank's mid-term goal is to become a European champion. The success of this endeavour depends on acting as one team, building on the progress made over the past six years, which is attributed to the team's dedication and commitment.
Net profit also rose by a tenth to €1.5 billion in Q1 2024. Despite the challenging economic and geopolitical landscape, the bank remains optimistic about its future prospects. The ongoing conflict in the Middle East, increased threat of terrorism, and the continuing war in Ukraine have made the situation more uncertain, but the bank is committed to navigating these challenges and delivering value to its clients.
The asset management sector within the bank, driven by its success in Q1 2024, observed a significant increase, with Asset Management assets under management reaching €941 billion. This strategic portion of the business contributes to the broader finance and business operations of the bank.
Continuing to prioritize cost management, the bank achieved a reduction of 6% in adjusted costs in Q1 2024, demonstrating a commitment toward enhancing profitability and strengthening its financial position in the business sector.
