Deutsche Boerse posts stronger-than-expected Q1 profit

FRANKFURT (Reuters) -German exchange operator Deutsche Boerse on Wednesday said it posted a 12% rise in first-quarter net profit, a better result than analysts had expected, and that it may exceed its forecasts for 2023.

Revenue at the group rose 16% in the quarter from a year earlier, helped by higher interest rates and market volatility that generates trading income, the company said.

Net profit attributable to shareholders was 473 million euros ($522.05 million), up from 421 million euros a year ago, the company said.

Analysts had expected a profit increase of nearly 10% and a revenue increase of almost 14%.

Deutsche Boerse was rosy on its outlook, saying that 2023 earnings would be at the upper end of its projected forecasts or "even slightly exceed it."

Those forecasts are for full-year revenue of 4.5 billion-4.7 billion euros and earnings before interest, taxes, depreciation and amortisation of 2.6 billion-2.8 billion euros.

($1 = 0.9060 euros)

(Reporting by Tom Sims and Hakan Ersen; Editing by Chris Reese and Mark Porter)