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Deutsche Bank, one of Germany's largest banks, announced better than expected first quarter net profit of 1.08 billion euro ($1.5 billion) Tuesday, as its core fixed income business slumped by less than expected.
The figure was nonetheless down sharply from 1.7 billion euros seen in the first quarter of 2013. Revenues fell 11 percent from the previous year to 8.4 billion euros, mainly due to a slump in fixed income sales and trading, which fell 10 percent, less than the 22 percent expected.
Co-Chief executives, Jürgen Fitschen and Anshu Jain said the bank's performance was "resilient" in the quarter and they remain "focused" on meeting their objectives.
Litigation costs weighed on the lender, with general and administrative expenses up 192 million euros to 3 billion euros compared to this the first quarter last year. The group's results in the fourth quarter 2013 were hit by a surprise pre-tax loss as a result of the heavy litigation fees.
The bank plans to tap investors for 1.5 billion euros in "coco" bonds, which have just been cleared for use in Germany. These "contingent convertible" bonds can be swapped for equity or, if the bank's capital ratio falls below a certain level, written off.
The lender said its core Tier 1 capital ratio, a way of measuring a bank's financial health stood at 9.5 percent at the end of March.
Fitschen and Jain said they had taken another step forward in building a "better capitalized bank".
"We have also responded to the twin demands of a changing business environment and greater clarity on the interpretation of regulatory implementation. We invested substantially in our platform in response to these demands, which was reflected in our cost base during the quarter," they said in a statement.
The pair said they were "pleased to have progressed step by step" toward their 2015 objectives a they are ahead of plans on a number of dimensions.