Deutsch Bank reported earnings for the third quarter.
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Deutsche Bank on Wednesday broke market expectations, reporting net income of 1.115 billion euros ($1.11 billion) for the third quarter.
Analysts had predicted a net profit of 827 million euros, according to data from Refinitiv.
“We have significantly improved Deutsche Bank’s earnings performance and we are on track to meet our 2022 targets,” Christian Sewing, chief executive officer of Deutsche Bank, said in a statement.
Here are other highlights for the quarter:
- Revenue increased 15% from a year ago and reached 6.92 billion euros.
- Tier 1 common equity, a measure of a bank’s solvency, was at 13.3% from 13% a year ago.
Looking at the bank’s individual divisions, investment banking revenue grew 6% from a year ago. In particular, revenue from the Fixed Income and Currency segments increased by 38% y/y and helped offset the decline in credit business.
However, the Corporate Banking segment saw the biggest increase in revenue, up 25% from a year ago.
Deutsche Bank also said it reduced further Russian credit borrowing during the same period.
Higher redundancy
The Bank of Germany also reported higher provisioning compared to the same period last year. This amount reached 350 million euros at the end of the third quarter, compared with 117 million euros at this time last year.
The bank said these reflect a “tougher macroeconomic forecast.”
Shares of Deutsche Bank have fallen about 17% this year. The German lender beat back expectations in second quarter with a profit of 1.046 billion euros.
This is a breaking news story and it is being updated.
