先來做一點回顧
DB 在3-4月份曾經做3口 sell put 13, 後來賭輸只好在5月份執行價格13 買進300股
5/25 ~ 26 價格一度來到11.2附近, 有想過賣出, 但想到( 13塊 - 11.2)*300 = 約600塊 損失
想到帳戶要減少600塊, 就不想賣了 ~ 再度啟動泰欽哥瀟灑風格 心裡想 --- 頂多跌破10塊我再賣
結果6/11 大盤通殺, 才賣在 9.5 ~ 9.6塊, 至少多損失300USD
And we are on track to publish 2050 net zero targets for key carbon intensive portfolios, together with intermediate targets for 2030 at our second Sustainability Deep Dive in October
We will also share further details on our net zero strategy at this event and how we partner with our clients in their decarbonisation efforts
成長動力來源
Starting with revenues, Group revenues increased by 1% year on year and the Core Bank contributed by generating revenues of 7.3 billion euros, up 3% year on year
Excluding revenues in Corporate & Other and the Capital Release Unit, the average annual increase of revenues in the four operating divisions was 7%
Revenues in the Corporate Bank were up 11% year on year, a second consecutive quarter of double-digit growth, driven by continued deposit repricing and business growth
Investment Bank revenues grew 7% year on year, over a strong first quarter in 2021. A 15% increase in FIC revenues more than offset a 28% decline in Origination & Advisory
In the Private Bank, continued strong business growth more than offset interest rate headwinds and, as a result, revenues were up 2% year on year - Across all these businesses we delivered strong growth in client lending. Our total loan book is currently at 481 billion euros, up 9% year on year
Asset Management revenues rose 7% year on year, driven by a 13% rise in management fees which reflects consecutive quarters of inflows and assets under management growth during last year
Moving now to costs, noninterest expenses were down 4% year on year, despite an increase in bank levies of 28%, or more than 150 million euros, which was offset by lower transformation charges and the cessation of Prime Finance costs - Adjusted costs excluding bank levies, transformation charges and Prime Finance were also down 1% year on year reflecting lower investment spending needs after the completion of some IT projects and delivery of efficiency gains, in line with plan - Beyond these cost items, we faced higher than expected expenses mainly in compensation costs, which James will detail later
Our priority is to advance with our strategic plans and to further improve our profitability and efficiency, while benefiting from strong risk management
But we remain committed to delivering positive operating leverage and tackling cost challenges while also capturing revenue opportunities, as we did in the first quarter
We are committed to our plan to return capital to shareholders, having already completed the 2022 share buyback program of 300 million euros
Net interest margin expected to have bottom in 2021
-Let me provide some detail on the evolution of our net interest margin on slide 9
- Looking back, the decline of net interest margin in the first half of 2020 was driven by the cut in US rates
- The margin has been broadly stable since then, above the level we initially anticipated, driven by increased balance sheet efficiency, deposit repricing and TLTRO income that helped offset ongoing deposit margin pressure
- Adjusting for TLTRO timing effects, NIM in the first quarter would have been at the prior year level - From here, we expect NIM to rise due to tailwinds from the rising interest rate environment
Adjusted costs – Q1 2022 (YoY)
-If we look at the year-on-year cost developments on slide 11, adjusted costs decreased by 135 million euros or 3%. Excluding FX effects, costs were down 5% or 237 million euros
- IT costs declined by 110 million euros driven by completion of certain projects and capturing the expected delivery of efficiencies - Then, professional services and other noncompensations costs came down by 136 million euros due to the completion of IT, control and remediation projects
- Compensation expenses increased by 9 million euros compared to the prior year. Effects from the workforce reduction were offset by payroll inflation and by the impacts from variable compensation and selected strategic investments
– Provision for credit losses
-Provision for credit losses for the first quarter was 24 basis points of average loans on an annualised basis, or 292 million euros, in line with guidance. A moderate sequential increase was entirely driven by the war in Ukraine
-Elevated stage 1 and 2 provision of 178 million euros, compared to net releases of 95 million euros in the prior year quarter, relate to downgrades of all Russian exposures and additional overlays to reflect macroeconomic uncertainties
- Stage 3 provision of 114 million euros includes a few impairment events predominantly on Russian names in the Corporate Bank. This was offset by a small number of larger releases in the Investment Bank, while the Private Bank provision benefited from a model recalibration
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