A general meeting of Deutsche Bank
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Deutsche Bank reported a fall in revenues at its investment banking unit on Wednesday, but still managed to beat expectations and report its fifth consecutive quarter of profit.
The bank reported a net income of 194 million euros ($225 million) in the three months to September. Analysts had estimated a net income of 135 million euros for the third quarter, according to data from Refinitiv. It’s the bank’s longest streak of quarterly profit since 2012, according to Reuters.
The investment banking unit was again under the spotlight this quarter with profit before tax down from a year ago. Deutsche Bank said fixed income and currency trading saw net revenues drop by 12% year-on-year as markets showed less volatility.
Other highlights of this quarter:
- Provision for credit losses stood at 37 million euros, down from 53 million euros a year ago.
- Revenues rose to 6 billion euros from 5.9 billion euros a year ago.
- CET 1 ratio, a measure of bank solvency, stood at 13%, down from 13.2% at the end of the previous quarter.
Shares are higher by about 32% year-to-date. The German bank had smashed estimates for the second quarter despite another slide in trading revenues.
