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Business

Deutsche Bank in profit pickup as revenue drops

German lender Deutsche Bank has presented its second-quarter earnings report, pointing to surging net and underlying profits. But Chief Executive John Cryan is unhappy about a drop in revenues across all divisions.

Germany's biggest lender on Thursday reported a decent jump in bottom-line earnings for the second quarter.

It said net profit surged to 466 million euros ($545 million) between April and June, up from just 20 million euros in the same quarter a year earlier.

Deutsche Bank was able to more than double its operating profit to 822 million euros year on year, but revenues dropped by 10 percent compared with the same period in 2016.

Deutsche said revenues fell across the lender's corporate and investment banking, and also across its private and commercial banking and asset management divisions.

Painful reforms

"Despite the significant improvement [in earnings], this level of profitability falls short of our longer-term aspirations," Deutsche CEO John Cryan said in a statement.

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The lender has been undergoing thorough restructuring after years of losses, not least due to massive fines from regulators over its involvement in various banking scandals.

As part of the current restructuring process, Deutsche has slashed 4,656 full-time jobs since the second quarter of 2016.

On top of that, it has closed 177 retail banking branches in Germany since the beginning of this year, out of a planned 188.

The bank confirmed Thursday its capital buffer to cushion the impact of financial shocks had grown to 14.1 percent after issuing new shares to raise 8 billion euros in fresh capital.

hg/jd (dpa, AFP, AP)

 

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