Economy

Deutsche Bank Q3 Net Profit More Than Doubles; Revenues Down

Deutsche Bank third-quarter profits more than doubled year-on-year but the lender warned of a "challenging" revenue environment following a global trend of weakness in investment bank trading revenues.

Net income hose risen to 649 million euros ($766 million) from 278 million a year ago, the bank said.

Operating profit increased 51 per cent, to 933 million euros, but revenue fell 7.0 per cent to 6.8 billion euros. Revenues were in line with analysts' forecasts.

The private and commercial bank reported revenues up by 3.0 per cent, while the asset management unit's results were stable compared with the same period a year ago. Rates, FX and emerging markets revenues were also lower, the bank added.

Low market volatility, depressed trading volumes and the negative effects of persistent low interest rates have hit banks globally in recent months.

Net income rose to €649m (£578m), compared to €278m in the third quarter of 2016. In a separate presentation, the bank said credit revenues were "significantly lower due to a less active environment and less favorable trading conditions".

There was little to cheer either in the bank's traditional investment banking business, where revenues fell nearly a quarter to €475m on the back of falls across advisory and underwriting.

Labour unions have already threatened strikes because Deutsche Bank plans to cut an unspecified number of jobs and close some bank branches.

Octavio Marenzi, CEO of capital markets management consultancy Opimas, said: "Deutsche Bank has a long, long way to go".

Those moves come amid a prolonged restructuring period and strategic decisions seen by analysts and investors as still unproven.

Deutsche Bank said on Thursday that it was making progress integrating its Postbank retail unit with its own in-house consumer bank.



Like this

loading...

Latest


26 October 2017
2 women accused of murdering Kim Jong Nam returned to crime scene
President Donald Trump is expected to tour China next month where he is expected to hold talks with President Xi Jinping. Green proposed economic sanctions as the most viable tool to end North Korea's nuclear weapons program.

26 October 2017
World Health Organization rescinds Mugabe goodwill role
The decision, if it was one, to designate the president of Zimbabwe as goodwill ambassador is something that he learnt form the news.

26 October 2017
Revenue Estimates for Investors: Cognizant Technology Solutions Corporation (CTSH)
Recent trading patterns in the stock of Cognizant Technology Solutions Corporation (NASDAQ: CTSH ) have investors on high alert. Moreover, Capital Advisers Ltd Com has 0.1% invested in Cognizant Technology Solutions Corp (NASDAQ: CTSH ) for 175,794 shares.

26 October 2017
Gayle scared of being around women
And he said, 'Are you looking for this?' I saw the top half of Chris's penis and I shielded my eyes and left the room. Leanne accused Gayle of sexual harassment and even said that Smith turned a blind eye while the incident happened.

26 October 2017
Sushma seeks report from UP Govt. over harassment of Swiss couple
The couple was so horrified that they did not want to file a complaint and the case was made out by the police on its own. Moreover, Droz reacting to a cop's alleged remarks that the group was instigated as the couple was kissing in public.

26 October 2017
NextEra Energy Partners, LP (NEP) Receives Average Rating of "Buy" from Analysts
Nuveen Asset Management Limited holds 3,752 shares or 0% of its portfolio. 0 funds opened positions while 1 raised stakes. Turning to Wells Fargo & Company (NYSE:WFC), its shares were trading at $54.91 a retreat of $-0.01, on the trading floor.

26 October 2017
Mega Millions ticket costs - and jackpots - set to increase
Starting jackpots will more than double - from $15 million up to $40 million and the jackpots will grow faster as well. The cost of a Mega Millions ticket will rise to $2 beginning Saturday.

26 October 2017
Tillerson's visit paved way to strengthen bilateral relation with US: FO
Swaraj also said that India and the U.S. will hold their first conference in December over the designations of worldwide and local terror groups under a newly-formed mechanism.

26 October 2017
Bisping sued for allegedly assaulting teen at gym
Bisping has not fought since a year ago but is set to take on Georges St-Pierre in Madison Square Garden on November 4. But, of course, Bisping's promised that things will be different when they battle on November 4th.

26 October 2017
Celebrating Unity Day in our community
One local school is taking on the issue of bullying and all that comes with it. "It helps the students to have an interactive session to see how it affects others, what the consequences are", says Craigmont Middle principal LaTrenda Hicks.