Deutsche Bank, Germany's biggest lender, today expressed confidence about business this year but warned of uncertainties connected with the regulatory environment and the increasingly cloudy economic outlook.
Speaking to shareholders at the annual meeting, the two co-chief executives Anshu Jain and Juergen Fitschen said the bank was well-positioned for the year after making a "good start" in the first three months.
Net profit grew by 18 per cent to USD 2.1 billion in the period from January to March on a 2.1-per cent increase in revenues.
"The results of the first three months of 2013 prove that the bank is clearly moving forward. And we intend to accelerate further," said Fitschen.
But the operating environment remained "challenging," he cautioned.
"In 2011 and 2012, hopes of significant recovery in the global economy were thwarted by the ongoing sovereign debt crisis; however, this year we see good prospects for a stabilisation," Fitschen said.
"Nonetheless, the highly optimistic mood in the financial markets indicates a risk that some market participants may be underestimating the fiscal policy difficulties in the US and the consequences of the European debt crisis," he added.
