The 2016A statue appears next to the Deutsche Bank logo in Frankfurt, Germany.
Kai Fafenbach | Reuters
LONDON – Deutsche Bank posted a net profit of 182 million euros (21 214 million) in the third quarter on Wednesday as Germany’s largest donor coronavirus emerges from crisis.
This surpassed expectations of a loss of 114 million euros and a sharp improvement from a net loss of 77 million euros in the previous quarter, thanks to shareholders.
Provisions for bad loans total 333 million, an increase of 1,761 million allocated in the second quarter and 6 606 million in the first.
Some other highlights include:
- Total net income in the third quarter of 2019 was 5.9 billion euros, compared to 5.3 billion euros.
- The common equity tier 1 capital ratio stood at 13.3% as compared to 13.4% a year ago.
- Total non-interest expenses in the third quarter reached .2.5 billion euros, up from 8.8 billion euros a year earlier.
The bank had a net loss of 832 million euros during the same period last year, while a major restructuring plan continued to weigh on earnings.
To reduce costs and return to long-term profits, Dutsch Bank is embarking on a mass restructuring from July 2019.
“In the fifth quarter of our transition, we demonstrated not only consistent spending discipline, but also our ability to increase market share,” said Christian Sewing, CEO of Deutsche Bank.
“Our more focused business model is being paid and we will see a significant portion of our revenue growth as sustainable.”
Going into Wednesday’s trading session, the bank’s share price rose more than 15% year-over-year, recovering from a sharp decline during the March coronavirus tragedy.
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