Business

Deutsche Bank beats expectations for eighth straight quarter profit


A statue is placed next to the logo of Deutsche Bank of Germany in Frankfurt, Germany, September 30, 2016.

Kai Pfaffenbach | Reuter

Deutsche Bank beat market expectations to post eighth consecutive quarter profit on Wednesday, recording second-quarter net income of 1.046 billion euros ($1.06 billion).

The German lender exceeded consensus expectations among analysts compiled by Refinitiv for a profit of 960.2 million euros and a significant improvement in profit of 692 million euros in the same period last year.

Here are some other highlights from the quarter:

  • Total revenue reached 6.6 billion euros, up 7% from 6.2 billion in the same period last year.
  • Total costs were 4.87 billion euros, down 3% from 4,998 billion for the second quarter of 2021.
  • Return on tangible equity was 7.9%, up from 5.5% a year ago.
  • The CET1 capital ratio, a measure of a bank’s solvency, was 13%, up from 12.8% in the first quarter.

“With our best half-year return since 2011, we have proven – again – that we can deliver growth and increase profitability in a challenging environment,” said CEO. Deutsche Bank, Christian Sewing said in a statement.

“We are particularly pleased with the growth of Corporate Banking and Private Banking. Thanks to the successful transformation, we are on track to deliver sustainable and balanced profitability across four business areas. its strong core business.”

May last month is called inflation “the biggest poison” to the global economyand told CNBC that the risk of a recession is growing in Germany and beyond.

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