Economy

Deutsche Bank Q3 Net Profit More Than Doubles; Revenues Down

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".

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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.



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