Deutsche BankOn Wednesday, the company reported a net profit in the first quarter at 1.06 billion euro ($1.13 million).

Refinitiv data shows that analysts predicted an amount of 1.01 billion euro for three months.

On March. 11, Deutsche Bank said it would wind down its Russia operations — a major U-turn compared to its initial stance as war broke out in Ukraine. As a response to Ukraine’s invasion and the subsequent restrictions on operations, the German bank stated that it will join other international counterparts in extricating from Russia.

Deutsche Bank reported that its Russia exposure was reduced during the quarter. The quarter saw a decrease in gross loan exposure of 5% to €1.3 billion and a drop in net loan exposure by 21% to €0.5 billion.

German lenders surprised markets at the end of 2021With a profit in excess of 145million euros, investors were expecting a net loss during the third quarter. Since the beginning of this year, shares have fallen by 6.6%.

It is breaking news and is currently being updated.