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Money Deutsche Bank surprises with high profit

12:30  28 october  2020
12:30  28 october  2020 Source:   dw.com

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Deutsche Bank (DB) has surprised investors with an ad hoc pre-release of its first quarter earnings results, three days before the scheduled date.The bank expects to report group profit before tax of 206 million euros and net income of 66 million euros, above market expectations.Revenues are expected.

Deutsche Bank logged a net profit of 278 million euros (3 million) between July and September, after posting a record loss of six billion euros (.5 billion)in the same period last year. The profit figure, revealed on Thursday, strongly surprised analysts, who had expected another loss of about 949

After an unexpectedly good third quarter, confidence is growing at Deutsche Bank. Despite the unprecedented economic slump as a result of the corona pandemic, according to the bank, it was consistently profitable in 2020.

Provided by Deutsche Welle © A. Pulwey / blickwinkel / McPHOTO / picture-alliance Provided by Deutsche Welle

"After nine months our pre-tax profit amounts to 846 million euros, so we are still confident that we will also achieve a positive pre-tax result for the full year ", Deutsche Bank boss Christian Sewing balanced the figures for the third quarter on Wednesday.

Overall, Deutsche Bank's third-quarter earnings increased 13 percent to EUR 5.9 billion. The costs fell by ten percent to 5.2 billion euros. Sewing reaffirmed the institute's goal of reducing costs to 19.5 billion euros for the year as a whole.

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Deutsche Bank AG surprised investors with second-quarter earnings that were higher than analysts had expected, driving one of Europe’s worst-performing bank So how good was Deutsche Bank AG’s second quarter really? That depends a lot on the fine print you won’t see until later this month.

Frankfurt (AFP) - Troubled German lender Deutsche Bank reported Thursday a surprise profit in the third quarter, confounding expectations of further expensive "We need to restructure and modernise the bank faster and with higher intensity," he told reporters in a conference call. - 'DoJ talks ongoing'

After a series of loss years , Deutsche Bank has been undergoing a profound corporate restructuring since mid-2019. The institute has withdrawn from some business areas and investment banking has been downsized. In addition, the number of full-time positions in the Group is to be reduced by around 18,000 to 74,000 worldwide by the end of 2022. The branch network in Germany will also be reduced by a good 100 locations to 400.

Hat endlich mal Grund zu guter Laune, wenn es um Geschäftszahlen geht: Deutsche-Bankl-Chef Christian Sewing © picture-alliance / dpa / A. Deder finally has reason to be in a good mood when it comes to business figures: Deutsche Bankl boss Christian Sewing

Hope for better times

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Of all things, a flourishing capital market business helped Deutsche Bank to make an unexpectedly high profit. " Although the third quarter was also marked by the corona pandemic , we again achieved a result that exceeded our plans," said Sewing.

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Deutsche Bank started slashing thousands of jobs in the City of London and in New York only hours after announcing a drastic plan to reduce its global workforce by 18,000. Germany’s biggest lender employs almost 8,000 people in the UK, with 7,000 in London, which is one of the main hubs for its

Deutsche Bank AG’s surprise third-quarter profit was overshadowed by Chief Executive Officer John Cryan failing to dispel concerns that uncertainty While Deutsche Bank is reviewing options over how to pay staff bonuses, no decision has been taken, Chief Financial Officer Marcus Schenck said on a

Before taxes, the largest German financial institution earned 482 million euros (after taxes 309 million) after a loss of 687 million euros in the same period of the previous year. The bottom line, after deducting interest payments for so-called subordinated bonds, was a profit of 182 million euros. Analysts had expected a significantly lower quarterly result.

"Our focused business model is paying off, and we expect that a significant portion of our earnings growth will prove to be sustainable," said Sewing. The direction of the investment bank in particular is bearing fruit.

Difficult credit business

The bank increased its income particularly strongly in trading in bonds, currencies and interest rates as well as in advisory and issuing business. The income in the investment bank rose by 43 percent to 2.4 billion euros. Competitors in the USA and Europe also benefited from good business in investment banking in the summer months.

The corona crisis made itself felt in the lending business. Risk provisioning for bad loans increased by more than half to 273 million euros compared to the same period last year. But that was a significantly lower volume than the 761 million euros posted in the second quarter.

dk / hb (dpa, rtr)

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