Deutsche Bank Q2 profit soars, revenues down
Meanwhile, the company said the level of profitability falls short of its longer term aspirations. Revenues declined with weak results in all segments.
For the second quarter, net income surged to 466 million euros from last year's 20 million euros. Pre-tax profit more than doubled to 822 million euros from 408 million euros in the second quarter of 2016.
Provisions for credit losses were 79 million euros, a 70 percent decline from last year, primarily driven by broad-based improved performance in the Corporate & Investment Bank.
The increase in profit also reflected a 15 percent drop in noninterest expenses to 5.7 billion euros with lower restructuring and impairment costs, the effects from disposals and the closure of the Non-Core Operations Unit, lower litigation costs and cost-management efforts. Adjusted costs declined 6 percent.
Group net revenues, meanwhile, decreased 10 percent to 6.62 billion euros from the the prior year's 7.39 billion euros. ■