Deutsche Bank Debt Trading Hits Record on Market Volatility

Deutsche Bank AG’s trading unit hit a record in the first quarter as the lender benefited from market volatility. 

The fixed income and currencies business recorded a 17% revenue jump to €2.9 billion in the three months through March, according to a statement from Deutsche Bank on Tuesday. The result exceeded analyst expectations and it was also the highest since at least 2013, according to data compiled by Bloomberg.

It’s the latest set of bank earnings showing how traders have made big profits on the market volatility set off by the Trump administration. At the same time, that uncertainty has prompted companies around the globe to slow investment including acquisitions in a potential hit to banks’ bottom lines. 

Chief Financial Officer James von Moltke said on Bloomberg TV that some deals-dependent business units slowed “dramatically” in April, though he highlighted a strong pipeline. He said fixed-income trading also was hit in the first two weeks of the month and only returned to a “healthy” performance after that.

Asked about investor payouts, von Moltke said the lender would “reassess” that after the second quarter.

Deutsche Bank’s shares rose as much 4% in early Frankfurt trading and were up 2.6% at 9:11 a.m.

The first-quarter results “put us on track for delivery on all our 2025 targets,” Deutsche Bank Chief Executive Officer Christian Sewing said in the statement.

Deutsche Bank lifted credit provisions to €471 million, including €100 million to shield itself against a weaker macro backdrop. Net income attributable to shareholders rose to €1.8 billion.

The economic outlook “remains uncertain” given the turmoil in April, Deutsche Bank said in its quarterly report. It said it has reviewed its credit portfolios “in preparation for potential impacts to vulnerable clients” and decided to add a “dedicated tariff overlay” to its credit provisions.

RBC analyst Anke Reingen described the results as “strong,” but she also noted that “the impact of tariffs adds uncertainty.”

With assistance from Macarena Muñoz.

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