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Deutsche Bank Q3 net income attributable to shareholders up 7%

Christian Fernsby |
Deutsche Bank reported Wednesday higher profit in its third quarter with sharp drop in provision for credit losses and higher revenues.

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Core Bank profit before tax was slightly down amid flat Corporate Bank revenues and weakness in Investment Bank and Private Bank segments, despite a growth in Asset Management revenues.

Looking ahead, Christian Sewing, Chief Executive Officer, said, "We are focused on driving efficiencies while maintaining strong controls, and we are confident of achieving Deutsche Bank's 2022 targets."

For the third quarter, net income attributable to shareholders rose 7 percent to 194 million euros from last year's 182 million euros.

Profit before tax grew 15 percent from last year to 554 million euros after recognising a further 583 million euros in transformation charges.

Adjusted profit before tax was 1.2 billion euros, up 39 percent.

In the Core Bank, which excludes the Capital Release Unit, profit before tax was 898 million euros, slightly lower than last year's 909 million euros. The Capital Release Unit reported a loss before tax of 344 million euros, a loss reduction of 19 percent compared to last year.

In the quarter, provision for credit losses declined 57 percent year-on-year to 117 million euros, reflecting a supportive credit environment, high quality loan book and strict risk discipline.


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