Frankfurt

DEUTSCHE Bank AG said profit declined in the first quarter, hurt by a slump in trading revenue, as co-chief executive officer John Cryan seeks to shrink Europe's largest investment bank.

The 214-million-euro (S$327 million) net income in the three months through March compares with a profit of 544 million euros a year earlier, the company said in a statement from Frankfurt on Thursday. Analysts had expected a 484.3 million-euro loss, according to the average of six estimates compiled by Bloomberg.