Deutsche Bank quarterly results exceed expectations
The lender upgraded the revenue outlook for its investment bank
Stocks impacted: Deutsche Bank (DBK)
Germany’s largest lender reported a net profit of 182 million euros for the third quarter versus the 114-million-euro expected loss and a net loss of 77 million euro in the previous quarter. Another bright spot in the report was Deutsche’s investment bank, where revenue rose 43% amid a 47% rise in fixed income and currencies. At that, Deutsche Bank’s revenue grew 13% to 5.94 billion euros, above expectations of 5.62 billion euros. Despite the ongoing restructuring and the coronavirus pandemic, Deutsche Bank upgraded the revenue outlook for its investment bank. As a reminder, the lender launched a deep restructuring last year after merger talks with Commerzbank AG failed. Also, the bank set aside 273 million euros to cover credit losses, lower than in the second quarter but higher than the same period last year.
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