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Deutsche Bank reported Wednesday a net profit of 1.06 billion euros ($1.13 billion) for the first quarter of the year.
Analysts had forecast a figure of 1.01 billion euros for the three-month period, according to data from Refinitiv.
On Mar. 11, Deutsche Bank said it would wind down its Russia operations — a major U-turn compared to its initial stance as war broke out in Ukraine. The German bank said it was joining a host of international peers in exiting the country in response to its invasion of Ukraine and resultant operational restrictions.
As such, Deutsche Bank said it cut its exposure to Russia during the first quarter. Gross loan exposure was reduced by 5% to 1.3 billion euros and net loan exposure decreased 21% to 0.5 billion euros during the quarter.
The German lender surprised markets at the end of 2021 with a profit of 145 million euros when investors had estimated a net loss for the last quarter of the year. Shares are down about 6.6% since the start of the year.
This is a breaking news story and it is being updated.