German Bank It beat market expectations for an eighth consecutive quarter of profits on Wednesday, posting second-quarter net income of 1.046 billion euros ($1.06 billion).
The German bank beat analysts’ expectations compiled by Refinitiv with a profit of 960.2 million euros, significantly improving on a profit of 692 million euros for the same period last year.
Here are some other highlights for this quarter:
- Total revenue was 6.6 billion euros, up 7% from 6.2 billion in the same period last year.
- Expenditures totaled 4.87 billion euros, down 3% from 4.998 billion in the second quarter of 2021.
- The return on tangible equity was 7.9%, up from 5.5% last year.
- CET1, a measure of bank solvency, was 13%, up from 12.8% in the first quarter.
“With the best half-year profit since 2011, we have proven – once again – that we can deliver increased growth and profits in a challenging environment,” Deutsche Bank CEO Christian Swing said in a statement.
“We are particularly pleased with the progress made by Corporate Bank and Private Bank. Thanks to our successful transformation, we are on track to achieve sustainable and balanced returns through our four strong core businesses.”
Chief Financial Officer James von Moltke also told CNBC on Wednesday that earnings growth drivers were strong across the bank’s core business.
“That momentum that we talked about last quarter continued into the second quarter, for sure. The company’s bank is up 26% year over year, driven not only by interest rate changes but also by volume growth, fee income growth,” he said.
“The investment bank performed very well at 11% (growth) and 32% in our FIC (fixed income and currency) business, so we were able to navigate these markets, and take advantage of trends.”
Stitching last month called it hypertrophy The ‘biggest poison’ for the global economyHe told CNBC that the risk of a recession is rising in Germany and beyond.
“Beer fan. Travel specialist. Amateur alcohol scholar. Bacon trailblazer. Music fanatic.”