Deutsche Bank profit up 10%, defying expected decline, as investment bank booms
- Deutsche, Germany's largest lender, recorded net profit attributable to shareholders of €1.640 billion ($1.87 billion) in the quarter
FRANKFURT: Deutsche Bank on Wednesday posted a 10% rise in second-quarter profit, defying expectations for a drop, as strength at its global investment banking division offset a rise in expenses.
Deutsche, Germany’s largest lender, recorded net profit attributable to shareholders of €1.640 billion ($1.87 billion) in the quarter, up from a profit of €1.485 billion a year earlier. It is better than analyst expectations for a profit of €1.377 billion.
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The profit gain is more muted than those at some big US and some European competitors, which have also benefited from a trading boom in the wake of the Iran war, merger and acquisition deals and initial public offerings.
“We have upside to our 2028 targets,” CEO Christian Sewing said.