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Deutsche Bank Investment Bank Takes Center Stage -- Earnings Preview
DOW JONES & COMPANY, INC. 8:31 AM ET 4/26/2017
Symbol Last Price Change
DB 18.73 +0.24 (+1.3%)
QUOTES AS OF 10:04:14 AM ET 04/26/2017
Deutsche Bank AG (DB) will report first-quarter results Thursday before the market opens. Here's what to expect:

EARNINGS: Analysts expect first-quarter net income of around 531 million euros ($578.51 million), according to consensus of 10 analysts compiled by Deutsche Bank(DB). A year ago, first-quarter net income was EUR236 million.

WHAT TO WATCH FOR:

CAPITAL: For the first time in a while, concerns about the adequacy of Deutsche Bank's(DB) capital cushion aren't front and center, after the lender successfully completed an $8.5 billion share sale earlier this month. Soon after, shares got a boost on preliminary French election results. Now investors want to know how profitably all of that new capital will be put to use.

STRATEGY/EXECUTIVE MOVES: Deutsche Bank(DB) has been looking for a new chief financial officer, since CFO Marcus Schenck was named a deputy CEO in March and is moving over to co-run the investment bank. Investors will want an update on those moves. The question is tied into the reintegration of Deutsche Bank's(DB) trading unit with the rest of the investment bank, in the latest reshaping of those big businesses.

LEGAL COSTS: More recently, massive legal costs have devoured earnings, contributing to a EUR1.9 billion fourth- quarter loss. Investors and analysts expect the worst of the litigation pain has passed.

FICC TRADING, AGAIN: The lender's big bond- and currencies-trading business should have benefited from a surge in fixed-income trading in the first quarter, though probably not as much as U.S. banks have. For example, Goldman Sachs analysts expect a 16% year-over-year increase in fixed-income trading revenue at Deutsche Bank(DB) for the first quarter, a result that would lag U.S. banks but roughly match other European banks.

COST CONTROLS: Deutsche Bank(DB) promised investors improved cost discipline as part of its capital-raising narrative. Executives will be drilled on expense-cutting progress and the impact of bonus cuts.

-Write to Jenny Strasburg at [e-mail]


(END) Dow Jones Newswires
04-26-170831ET
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