© Reuters. FILE PHOTO: The headquarters of Germany’s Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File Photo
FRANKFURT (Reuters) – Deutsche Bank (ETR:) posted a better-than-expected 475% jump in third-quarter profit as investment banking revenues rose despite a slump in deal-making, figures on Wednesday showed.
Net profit attributable to shareholders was 1.115 billion euros ($1.11 billion). That compares with profit of 194 million euros a year earlier, and it is better than analyst expectations for profit of around 835 million euros.
It was the ninth consecutive quarter of profit, a considerable streak after years of losses.
“We have significantly improved Deutsche Bank’s earnings power and we are well on track to meet our 2022 goals,” Deutsche Bank Chief Executive Officer Christian Sewing said.
The bank upgraded its outlook for the investment bank, saying it now expected revenues in the division to be “slightly higher”, compared with previous expectations for “essentially flat”.
($1 = 1.0047 euros)
Be the first to comment