New York City
Monday, February 26, 2024
“THE CEO PUBLICATION owns both theceopublication.com and theceopublications.com websites"

Publication

Deutsche Bank exceeds anticipations despite a earnings decline and a cost leap

July 31, 2023: On Wednesday, Deutsche Bank reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% yearly decline.

The bank’s net profit attributable to shareholders slightly topped a prediction of 737 million euros in a Reuters poll of analysts, though marked a significant drop from the 1.046 billion euros reported in the same quarter of 2022, while net revenues rose 11% year-on-year to 7.4 billion euros.

However, second-quarter non-interest expenses rose 15% year-on-year to 5.6 billion euros, with adjusted costs up 4% to 4.9 billion euros. Nonoperating prices include 395 million euros in litigation charges and 260 million euros in “restructuring and severance related to the execution of strategy.”

In its first-quarter report, the bank flagged job cuts for its non-client-facing staff and reported a sharper-than-expected year-on-year fall in investment bank revenues.

Deutsche’s corporate and private banking divisions enjoyed a strong quarter, with revenues up 25% and 11% yearly, respectively, benefiting from the higher interest rate environment. However, its businesses more closely tied to the economic market backdrop, the investment banking and asset administration divisions saw revenues fall 11% and 6%, respectively.

Deutsche Bank CFO James von Moltke said this could be attributed to a solid second quarter 2022, as market volatility boosted trading volumes and revenues.

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
Receive the latest news

Request for online magazine

Join Us

Advertise with us

meteroid vecrtor
Receive the latest news

Contact Us