A message from Christian Sewing on Q1 results 2024.
Dear Colleagues,
Almost six years to the day, on
A lot has happened since, both inside and outside the bank, and we've achieved a lot together. Despite numerous challenges, we have been able to successfully steer our new course for the vast majority of quarters over the past six years.
The past three months are no exception. We increased our profit once again; at
These results represent another step forward. Above all, we stayed the course in a disciplined manner and delivered what we set out to do and promised the market: we slightly increased revenues to
As in previous quarters, our results reflect the value of a well-diversified business model across different cycles. It is particularly encouraging that we increased commissions and fee income by 11 percent, more than offsetting the expected normalisation of the interest rate environment, which was felt in the
This is a strong foundation for future revenues, and it shows how much our clients trust us. But we must earn this trust every day. The environment in which our clients operate remains challenging: the economic outlook is unstable, and the geopolitical situation has become yet more uncertain, with the ongoing escalation of the
This makes it even more important that we continue to do everything we can, every day and in every part of the world, to dedicate ourselves to the economic success and financial security of our clients. This is the most important prerequisite for achieving the ambitious goals we have set ourselves and for our mid-term goal: to become a European champion. At the same time, it will remain essential that we continue to implement our cost plans in the same disciplined manner as we did in the first quarter.
It is clear that we can only achieve all of this together. Without your dedication and commitment, we would not have made the great progress we have made over the past six years. And we will only be successful in the future if we act as one team.
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Best wishes,
Christian
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