Deutsche Bank reported a net profit of €145mn surprising street expectations of a loss of €127.6mn. This was its sixth consecutive quarter of profit and almost 3x higher YoY. Deutsche’s results were helped by €1.9bn in IB revenues, up 1% with a 29% growth in origination and advisory revenue largely offsetting its 14% decline in FICC business. Private Bank net revenues were up 4% to €2bn, up 4% and corporate bank revenues grew 10% to €1.4bn, the highest revenues of any quarter since the formation of the corporate bank in 2019. Provision for credit losses were at €254mn, flat as compared to Q4 2020. The bank’s CET1 ratio stood at 13.2% at end-2021, down 40bp YoY.

Deutsche Bank’s dollar bonds were stable with its 7.5% Perps at 106.21, yielding 5.35%.

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