Deutsche Bank CEO sees 2016 net profit 'on the cusp'

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) expects to deliver net profit around break-even this year, its chief executive said on Thursday, compared with analysts' expectations for a substantial loss.

"At the moment, it is unclear to us whether we will make a small loss or a small profit but at the moment it's looking as though we are on the cusp," John Cryan said in response to a question in a conference call with analysts.

Germany's biggest lender earlier posted a surprise net profit in the first quarter, confounding analysts' average expectations for a loss.

Analysts polled by Reuters ahead of first quarter earnings on average had expected Deutsche Bank to post a 1.2 billion euro (£934.03 million) net loss in 2016.

Cryan said a lower profit for the year could actually be a sign the bank was ahead of schedule in successfully restructuring its operations and settling litigation, even if that were to cost more than anticipated.

"To some extent, the worse the outlook looks on paper, it may be indicative of us being able to clear a lot of the backlog of work that we've set ourselves," Cryan said.

(Reporting by Jonathan Gould and Arno Schuetze; Editing by Georgina Prodhan)