Deutsche Bank profit holds up
DEUTSCHE Bank posted second-quarter pretax profit in line with expectations, helped by lower loan loss provisions amid weaker industry trends in investment banking.
Deutsche’s corporate banking and securities division, which posted 779 million euros (£653.4m) in pretax profit, and global transaction banking with 478 million euros, accounted for the lion’s share of 1.52bn in group pretax earnings, Germany’s biggest lender said on Tuesday.
Both divisions are now run by 47-year old Anshu Jain, who took sole control of the investment bank on July 1.
Deutsche performed less strongly than in the first quarter, but 16 percent stronger than during the year-earlier period, mirroring a trend among U.S. peers like Goldman Sachs and Morgan Stanle.
Analysts polled by Reuters had estimated that Germany’s biggest lender would earn 1.6 billion euros in pretax profit in the quarter ended in June.
Deutsche Bank, which posted a second-quarter net profit of 1.2bn euros and revenues of 7.2bn, reiterated it aims to achieve 10bn in pre-tax profit at the group level next year.