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Deutsche Bank swings back to quarterly profit as legal provisions cut, investment banking shines

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The partial release of 440 million euros of litigation provisions in the third quarter helped boost profit, Deutsche Bank said.

Germany's largest lender had posted a 143-million-euro loss in the second quarter, at the time announcing it would not embark on a second share buyback program this year and factoring in a provision for its long-running lawsuit over its acquisition of its Postbank division.

Deutsche Bank on Wednesday beat expectations in its return to profit in the three months to September, after snapping its 15-quarter profit streak in the second quarter.Net profit attributable to shareholders came in at 1.461 billion euros over the third quarter, compared with the 1.047 billion euros anticipated in a LSEG poll of analysts.Profit before tax of 2.26 billion euros, up 31% year-on-year.

"We will continue on our path of profitable growth and exceed our original goals for capital distributions to shareholders," Deutsche Bank CEO Christian Sewing said Wednesday. Von Moltke clarified to CNBC that these are buybacks the bank intends to execute next year. Touching on the broader macro framework, von Moltke on Wednesday acknowledged some disappointment with the pace of economic recovery in Deutsche Bank's native Germany and assessed that the third-quarter conditions have carried into the fourth.

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Europe's markets head for mixed open as traders await more earnings, including Deutsche BankEuropean markets are expected to open in flat to mixed territory Wednesday as investors in the region gear up for a busy day of corporate reports.
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Europe's markets head for mixed open as traders focus on earnings, including Deutsche BankEuropean markets are expected to open in flat to mixed territory Wednesday as investors in the region gear up for a busy day of corporate reports.
ソース: NBCLA - 🏆 319. / 59 続きを読む »