Results for: First-quarter profit

Deutsche Bank has reported a 10% increase in first-quarter profit due to a surge in fixed-income trading and deal-making within its investment banking division. The bank’s net profit reached 1.275 billion euros ($1.37 billion), surpassing analyst expectations and offsetting declines in other divisions. The investment banking arm regained its position as Deutsche’s primary revenue generator, outperforming the retail division. This marks the 15th consecutive quarter of profitability for the bank, a significant milestone after years of losses.

Baker Hughes, an oilfield services provider, has reported better-than-expected first-quarter profits due to surging global drilling activity. The company’s robust international performance, particularly in the Middle East, offset the decline in North American operations, where lower natural gas prices have dampened drilling activities. Baker Hughes attributed its success to increased demand for drilling services and equipment as oil companies ramp up production amidst higher Brent crude prices. The company’s quarterly revenue saw a substantial rise, driven by strong international sales, and it also announced an increase in quarterly dividends to reward shareholders.

Copper mining company Freeport-McMoRan beat Wall Street estimates for the first quarter of 2023, driven by increased output and declining costs. Production of copper surged by 15% to 1.1 billion pounds, propelled by a 49% surge in Indonesia operations. The company is collaborating with the Indonesian government to maintain export approvals for copper concentrates and anode slimes amid a raw material export ban. Freeport-McMoRan also benefited from higher gold prices, doubling its sales volume to 568,000 ounces. Average cash costs per pound of copper reduced to $1.51, contributing to lower operating expenses.