A statue is pictured subsequent to the emblem of Germany’s Deutsche Bank in Frankfurt, Germany, September 30, 2016.
Kai Pfaffenbach | Reuter
Deutsche Bank beat market expectations to post an eighth straight quarter of profit on Wednesday, recording a second-quarter web earnings of 1.046 billion euros ($1.06 billion).
The German lender exceeded consensus expectations amongst analysts aggregated by Refinitiv of a 960.2 million euro profit, and vastly improved on the 692 million euro profit for a similar interval final yr.
Here are another highlights for the quarter:
- Total revenues stood at 6.6 billion euros, up 7% from 6.2 billion for a similar interval final yr.
- Total bills have been 4.87 billion euros, down 3% from 4.998 billion for the second quarter of 2021.
- Return on tangible fairness was 7.9%, up from 5.5% a yr in the past.
- CET1 capital ratio, a measure of financial institution solvency, was 13%, up from 12.8% within the first quarter.
“With the best half-year profits since 2011, we have proven – once again – that we can deliver growth and rising profits in a challenging environment,” Deutsche Bank CEO Christian Sewing stated in a press release.
“We are particularly pleased with the progress of our Corporate Bank and Private Bank. Thanks to our successful transformation, we’re well on track to deliver sustainable and well-balanced returns through our four strong core businesses.”
Sewing final month dubbed inflation the “biggest poison” for the worldwide financial system, and advised CNBC that the chance of recession was rising in Germany and additional afield.
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