Deutsche Bank beat first quarter earnings expectations but warned it might miss its capital requirement target this year as it prepares for a spike in defaults and extends more credit in response to the COVID-19 pandemic.
) beat first quarter earnings expectations but warned it might miss its capital requirement target this year as it prepares for a spike in defaults and extends more credit in response to the COVID-19 pandemic.
“We are firmly committed to mobilising our balance sheet to support our clients, who need us now even more,” Chief Executive Officer Christian Sewing said. “This revised outlook acknowledges that credit extension to support clients at this time could increase risk weighted assets for several quarters,” it said, adding that pending regulatory changes could also improve the bank’s reported CET 1 ratio.
It confirmed its other financial targets, including for 2020 adjusted costs excluding transformation charges and reimbursable expenses of 19.5 billion euros.
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