Deutsche Bank's Second-Quarter Profit Rises but Revenue Falls
July 27 2017 - 2:04AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG on Thursday reported net income of EUR466
million ($548 million) in the second quarter, compared with EUR20
million for the same period a year earlier year.
The German lender said its second-quarter revenue was EUR6.6
billion, a 10% decrease from last year.
Expectations for the quarter were muted, with analysts
projecting Deutsche Bank to manage a narrow profit of about EUR169
million, according to consensus estimates of 12 analysts compiled
by the bank.
The lender is going through its second major restructuring in
less than two years, recombining its investment bank and trading
divisions and folding in a German retail-banking business,
Postbank, that it had intended to sell. It is now integrating
Postbank and has closed hundreds of bank branches as part of
broader cost-cutting moves.
Deutsche Bank brought on a new chief financial officer, former
Citigroup Inc. Treasurer James von Moltke, who started this month.
Ex-banker-turned-CFO Marcus Schenck is now overseeing the
recombined investment bank along with trading-unit chief Garth
Ritchie.
Chief Executive Officer John Cryan and his management team are
under pressure to rejuvenate Deutsche Bank's lagging revenues after
raising EUR8 billion in capital from shareholders earlier this
year.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
July 27, 2017 01:49 ET (05:49 GMT)
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