FRANKFURT—Deutsche Bank posted a better-than-expected 17 percent rise in first-quarter profit on Wednesday as investment banking revenues climbed, but its share price fell as it warned that the Russia-Ukraine conflict could hurt annual earnings.
This year is crucial for Germany’s largest lender and Chief Executive Christian Sewing as he tries to deliver on targets he set out in a costly overhaul of the bank embarked upon in 2019.
He told analysts the conflict “has the potential to impact our full-year results in our important measurement year.”
Shares traded 5 percent lower early in Frankfurt.
The quarterly earnings were a boost for Sewing, who was promoted to the top job in 2018 to turn Deutsche around after a series of embarrassing and costly regulatory failings.
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