FRANKFURT: Deutsche Bank AG on Wednesday reported a surprise swing into net profit in the third quarter, as it navigates ongoing restructuring and the impact of the COVID-19 pandemic.
Profit attributable to shareholders of 182 million euros ($215 million) for July-September compared with a loss of 942 million euros in the same period a year earlier.
Germany’s largest lender last posted a quarterly profit in January-March 2019, and this time was in part helped by strength at its investment banking division.
Deutsche has lost money for the past five years and is hoping to reverse its fortunes through an overhaul by shedding staff, exiting some businesses and cutting costs.
Analysts have said the overhaul is starting to show its benefits, although uncertainties linked to COVID-19 cloud its outlook.
“Our more focused business model is paying off and we see a substantial part of our revenue growth as sustainable,” said Chief Executive Officer Christian Sewing.
A bright spot in Deutsche’s earnings report was its investment bank, where revenue climbed 43%, boosted by a 47% rise in fixed income and currencies.
($1 = 0.8461 euros)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Read all the Latest News and Breaking News here
Comments
0 comment