Profits at Deutsche Bank (NYSE:DB) plunged 67% in the first quarter on an annualized basis, as Germany's largest financial institution reported net income of 66 million euros.

Total net revenues on a year-over-year basis were essentially flat, but like most of the world's banks, Deutsche Bank took a huge credit provision of $506 million to prepare for the loan losses it anticipates will start hitting it as a result of the COVID-19 pandemic.

Deutsche Bank

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The bank's loan loss provision is up from 247 million euros last quarter, and 106 million euros in the first quarter of 2019. 

"In the current crisis, we have shown robust numbers and demonstrated strong performance in support of our clients across all core businesses," CEO Christian Sewing said in a statement. "Conservative balance sheet management enables us to navigate the current environment from a position of strength as the leading bank in Europe's strongest economy."

The company's investment bank division was its best performer in the quarter, with revenue up 18% on an annualized basis. Specifically, the bank assisted corporations and governments in raising 150 billion euros of debt since mid-March. It handled roughly 40% of all European corporate issuances.

Revenue in the private bank was up 2% on an annual basis, while revenues in the bank's asset management and corporate bank were essentially flat.

Deutsche Bank's common equity tier 1 capital ratio, a measure of core capital to total risk-weighted assets, expressed as a percentage, dropped 90 basis points (0.9%) from the prior quarter, settling at 12.8%.