Deutsche Bank swings to surprise profit in third quarter
Deutsche Bank reported a surprise profit for the third quarter this morning despite its ongoing restructuring and the impact of the coronavirus pandemic.
The lender posted a profit of €309m as its net revenues grew 13 per cent year-on-year to €5.9bn during the quarter.
It saw profit attributable to shareholders rise to €182m, compared with a loss of €942m in the third quarter of last year.
The German bank last reported a quarterly profit in the first three months of 2019.
Deutsche has been restructuring by cutting staff, exiting some businesses and slashing costs, after losing money for the past five years.
While analysts have said the overhaul is beginning to bear fruit, the coronavirus pandemic has created uncertainty.
Chief executive Christian Sewing said: “In the fifth quarter of our
transformation, we not only demonstrated continued cost discipline, but also our ability to gain market share.
“Our more focused business model is paying off and we see a substantial part of our revenue growth as sustainable.
“Our balance sheet strength and high quality risk management enable us both to support clients in challenging times and to take advantage of new business opportunities.”