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Deutsche Bank Q2 net income down 14% year-on-year

Staff Writer |
Deutsche Bank reported net income of 401 million euros in the second quarter of 2018, down 14% year-on-year, on profit before tax (Profit before tax = income before income taxes (IBIT) under IFRS) of 711 million euros, down 13% year-on-year.

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These results were achieved against a backdrop of accelerated implementation of strategic measures announced by the new management team at the beginning of the quarter.

For the first six months of 2018, profit before tax was 1.14 billion euros and net income was 521 million euros.

The Common Equity Tier 1 (CET1) ratio rose from 13.4% to 13.7% in the quarter and remains well above the bank’s target of over 13%. The fully loaded leverage ratio rose from 3.7% to 4.0%, as management executed on its strategic objective to reduce leverage exposure in the Corporate & Investment Bank.

Net revenues were 6.6 billion euros, essentially unchanged versus the second quarter of 2017 on a reported basis.

Group net revenues included a positive impact of 56 million euros from Debt Valuation Adjustments (DVA), compared to a negative impact of 179 million euros from DVAs and spreads on the bank’s own credit in the prior year quarter.

For the first six months of 2018, revenues were 13.6 billion euros, down 3% year-on-year.

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