Overall results in the first quarter 2015 were strong, excluding € 1.5 billion litigation costs recorded. Results benefited from an improved market environment, increased market volatility and favorable movements in foreign exchange rates. Offsetting these were the aforementioned legal and regulatory matters, as well as impacts from the low interest rate environment, higher bank levy and increased regulatory expenditures. We strengthened our capital base and have continued to implement our cultural and cost initiatives.
The key financial results for the Group in the first quarter 2015 are summarized as follows:
- Group net revenues were € 10.4 billion in the first quarter 2015, increased by 24 % as compared to the first quarter 2014;
- Income before income taxes was € 1.5 billion, decreased by 12 % as compared to the first quarter 2014;
- Net income was € 559 million, decreased by 49 % as compared to the first quarter 2014;
- Post-tax return on average tangible shareholders’ equity was 3.9 % at the end of first quarter 2015;
- Capital Requirements Regulation/Capital Requirements Directive 4 (CRR/CRD 4) fully loaded Common Equity Tier 1 capital ratio was 11.1 % at the end of the first quarter 2015;
- Fully loaded CRR/CRD 4 leverage ratio was 3.4 % at the end of the first quarter 2015; and
- CRR/CRD 4 fully loaded risk-weighted assets were € 431 billion as of March 31, 2015.
The financial Key Performance Indicators (KPIs) of the Group for the first quarter are detailed in the table below: