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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.

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