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Deutsche: CEO Headlines Similar To Consensus, CRE Comments Weak For PBB, Aareal

FINANCIALS

Deutsche (DBK GY) CEO from the MS conference, looks broadly in line but CRE provisioning news weak for DePfa, Aareal and peers:


  • *SEWING: CORPORATE BANK REVENUE ESSENTIALLY FLAT IN 1Q
    • consensus: -4% y/y revenues in 1Q24
  • *SEWING: SEE NII HEADWIND OF ABOUT EU500M THIS YEAR
    • cons: EUR100m lower in 1Q24
  • *SEWING: SEE POTENTIAL Y/Y 1Q GROWTH IN FIC TRADING
    • cons: +0.6% y/y
  • *SEWING:'VERY STRONG START' ON DEBT SIDE IN O&A BUSINESS
    • cons: +30% across primary
  • *SEWING: MAY HIT UPPER END OF GUIDANCE RANGE FOR PROVISIONS
  • *SEWING: SEE 2024 CRE PROVISIONS IN LINE WITH 2023
    • cons: +3% FY24 y/y

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