Banking
Deutsche Bank posts better-than-expected Q3 net profit
Deutsche Bank posts better-than-expected Q3 net profit
Published by maria gbaf
Posted on October 27, 2021
FRANKFURT (Reuters) – Deutsche Bank posted a better-than-expected third-quarter profit on Wednesday despite a decline in investment banking revenue.
Net profit attributable to shareholders was 194 million euros ($225.78 million). That compares with profit of 182 million euros a year earlier, and it is better than analyst expectations for profit of 135 million euros.
It was the fifth consecutive quarter of profit, the bank‘s longest streak in the black since 2012.
The profit, while a fraction of that of major U.S. competitors, is a victory for Chief Executive Office Christian Sewing, who in 2019 embarked on a 9 billion euro overhaul to return the bank to profit after billions in losses over the past decade and a series of regulatory failings.
“We are focused on driving efficiencies while maintaining strong controls, and we are confident of achieving Deutsche Bank‘s 2022 targets,” Sewing said.
($1 = 0.8593 euros)
(Reporting by Tom Sims and Frank Siebelt; Editing by Riham Alkousaa and Emma Thomasson)
FRANKFURT (Reuters) – Deutsche Bank posted a better-than-expected third-quarter profit on Wednesday despite a decline in investment banking revenue.
Net profit attributable to shareholders was 194 million euros ($225.78 million). That compares with profit of 182 million euros a year earlier, and it is better than analyst expectations for profit of 135 million euros.
It was the fifth consecutive quarter of profit, the bank‘s longest streak in the black since 2012.
The profit, while a fraction of that of major U.S. competitors, is a victory for Chief Executive Office Christian Sewing, who in 2019 embarked on a 9 billion euro overhaul to return the bank to profit after billions in losses over the past decade and a series of regulatory failings.
“We are focused on driving efficiencies while maintaining strong controls, and we are confident of achieving Deutsche Bank‘s 2022 targets,” Sewing said.
($1 = 0.8593 euros)
(Reporting by Tom Sims and Frank Siebelt; Editing by Riham Alkousaa and Emma Thomasson)
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