Our first quarter results demonstrate the relevance of our Global Hausbank strategy to our clients and underscore that we are well on track to meeting or exceeding our 2025 targets. Revenue growth: targeted investments in technology, coverage footprint and advisory-focused businesses to tap additional revenue potential.Capital efficiency: € 15-20 billion of RWA reductions in lower-yielding portfolios and from optimization, driving returns and shareholder distributions.Operational efficiency: incremental savings ambition raised from € 2.0 billion to € 2.5 billion through additional measures.Initiatives to accelerate Global Hausbank strategy announced Net Stable Funding Ratio rises to 120%, a surplus of € 100 billion.Liquidity coverage ratio rises to 143%, a surplus of € 63 billion.Provision for credit losses of € 372 million, 30 basis points (bps) of average loans 2023 guidance range of 25-30 bps of average loans reaffirmed.Leverage ratio of 4.6%, in line with previous and prior year quarter.Common Equity Tier 1 (CET1) capital ratio rose to 13.6%, from 13.4% in the previous quarter.Additional efficiency measures underway in front office and infrastructureĬapital, risk and liquidity metrics in line with objectives.Adjusted costs flat year on year at € 5.4 billion, with investments in business growth, technology and controls offset by lower bank levies.Noninterest expenses up 1% year on year to € 5.5 billion Net inflows of € 12 billion across the Private Bank and Asset Management.In line with bank’s revenue growth objectives through 2025.Highest quarter since 2016, despite business exits during transformation.Cost/income ratio of 71%, down from 73% in prior year quarter.
Profit before tax up 12% year on year to € 1.9 billion, highest quarter since 2013
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