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The lender said net profit of 692 million euros ($ 818 million) for the second quarter of this year, while analysts expected net profit of 328 million euros for the quarter, according to data collected by Refinitiv.
Despite higher-than-expected profit, the German bank recorded an 11% drop in net income for its investment banking division, compared to a year ago. This unit had played a key role in boosting the ailing bank’s profits in the first quarter of the year. Recent reports suggest that Deutsche Bank has lost market share in this space in recent months.
Here are other highlights from this quarter:
- Total turnover amounted to 6.2 billion euros, a slight decrease compared to last year.
- Total spending reached almost € 5 billion, down around 7% from a year ago.
- Its number of employees was 83,797, up from 86,824 last year.
“All of our businesses have contributed to year-over-year profit growth,” said Christian Sewing, CEO of Deutsche Bank, in a statement, adding that “the priority now is to continue our disciplined execution of the transformation. , quarter by quarter ”. trimester. “
The German lender also declared provisions for credit losses of 75 million euros for this quarter. The stock is up about 18% year-to-date.