{"id":91390,"date":"2024-04-26T00:00:00","date_gmt":"2024-04-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/banks-post-strong-1q-2024-results\/"},"modified":"2024-04-26T00:00:00","modified_gmt":"2024-04-26T00:00:00","slug":"banks-post-strong-1q-2024-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/26\/banks-post-strong-1q-2024-results\/","title":{"rendered":"Banks post strong 1Q 2024 results"},"content":{"rendered":"

It\u2019s peak earnings season in the West<\/strong>, and yesterday saw several major banks report their financial results for 1Q 2024. <\/p>\n

#1- Investment banking became Deutsche Bank\u2019s \u201cbreadwinner\u201d in 1Q 2024: <\/strong>Deutsche Bank's fixed-income trading and transaction executions experienced a resurgence in 1Q 2024, leading to revenue growth in its investment banking division and contributing to a 10% y-o-y increase in net income, according to its earnings release<\/a>.<\/p>\n

The lender's retail division, once the top earner benefiting from high interest rates, lost its position<\/strong> due to customer service glitches. The bank\u2019s net income attributable to shareholders stood at EUR 1.275 bn for the quarter, surpassing analyst expectations and increasing 10% y-o-y. <\/p>\n

Shares in the bank were up 8%<\/strong> at market close. <\/p>\n

#2- Barclays is back in the black:<\/strong> Barclays reported earnings attributable to shareholders of GBP 1.55 bn for 1Q 2024, surpassing analyst expectations and rebounding from a net loss of GBP 111 mn in 4Q 2023, according to its earnings release (pdf)<\/a>. The British lender bounced back after implementing its overhaul plans, which included further investment in UK consumer businesses and the acquisition of Tesco Bank, according to Barclays CEO, C.S. Venkatakrishnan. The bank\u2019s shares closed up 6.7%. <\/p>\n

ALSO WORTH KNOWING-<\/p>\n