Deutsche Bank net profit soars five-fold in Q3 / Photo: Armando BABANI - AFP
-
Netanyahu, rivals trade attacks over Iran as clock counts down to Israel vote
-
Nations far from a deal as UN nature talks enter final stretch
-
Townsend urges Scotland to use Nations Championship as World Cup springboard
-
Brazil markets battered, tech in focus elsewhere
-
Microsoft offers voluntary exit packages to 60,000 staff
-
French court adjourns trial over 2020 death of delivery driver
-
S.Africa ambassador calls for talks with US over 'tense' ties
-
Serbian student movement eyes power after election triumph
-
'Smells of freedom': Serbians hopeful after landmark election
-
Machado ready to meet Venezuela leader after shock return
-
South Africa select 'enforcer' Coetzee for Australia decider
-
Lula celebrates election win as Brazil markets tumble
-
Botanists comb Gabon's rich rainforests with nature on the line
-
France's Macron accuses social media of sowing discord ahead of election
-
New levy on non-EU parcels kicks in Sunday
-
Anthropic unveils IPO filing showing soaring sales and AI risks
-
Stocks climb ahead of tech earnings, central bank calls
-
US singer Chris Brown avoids jail over London nightclub brawl
-
Part of London's Oxford Street pedestrianised 'forever'
-
US singer Chris Brown avoids jail over UK nightclub brawl
-
Canadian youth seek climate action in landmark trial
-
Man Utd crisis deepens as Carrick faces axe
-
Trump blasts Norway over Nobel Peace Prize snub
-
Serbian student movement eyes power after resounding snap poll victory
-
Japan PM vows swift response to wave of cyberattacks
-
Eala breezes past world number 411 in Tokyo opener
-
Stocks mostly rise before tech earnings, central bank calls
-
Swedish Centre Party leader says government coalition talks failed
-
France's Macron to visit Marseille after protest violence
-
Barca's big-game defeats pose familiar questions
-
German union slams Audi boss's appearance at Trump rally
-
Russia says open to mini Ukraine ceasefires, but no let up in war
-
UK set for 'limited' budget giveaways as borrowing costs surge
-
Bangladesh measles crisis 'warning sign' of other outbreaks: report
-
Anthropic's AI model accessed US voter data: Axios
-
'Historic victory': World leaders celebrate Lula's re-election
-
Malaysia's Johor reopens schools as haze eases
-
Stock markets mixed ahead of tech earnings, central bank decisions
-
Carragher says Fernandes benching was intended as public punishment
-
الظفرة يطلب كشف تفاصيل قرار ركلة الإقصاء أمام خورفكان
-
Mother renews anti-bullying appeal a decade after son’s death
-
Canada-EU summit seeks deepened alliance as US ties fray
-
'Historic victory': Leftist leaders in the Americas celebrate Lula's re-election
-
Senegal to host Youth Games, Africa's first ever Olympics
-
African players in Europe: Jackson brace ends City's perfect record
-
ITV drama Adultery examines temptation, class and family consequences
-
طرق دبي تفتتح الجمعة الجسر الأخير في مشروع دوار المركز التجاري
-
Argentine police arrest stepfather after pregnant 10-year-old reaches hospital
-
نقل رالي دكار 2027 من السعودية في قرار استثنائي
-
New levy on non-EU parcels kicks in November 1
Deutsche Bank net profit soars five-fold in Q3
Germany's biggest lender Deutsche Bank on Wednesday said its third-quarter net profit had risen more than five-fold year-on-year, far better than expected, as a restructuring programme bears fruit.
The group's net profit between July and September reached 1.1 billion euros ($1.1 billion), compared with 194 million euros in the same period last year, it said in a statement.
It was higher than forecasts by analysts from Factset, who predicted a net profit of 809 million euros.
Profits before tax hit 1.6 billion euros -- the best third-quarter result since 2006, according to the bank.
Revenues increased 15 percent year on year, to 6.9 billion euros.
They were driven by corporate banking, with an increase of 25 percent to 1.6 billion euros, according to Deutsche Bank.
In the investment banking division, they rose six percent to 2.4 billion euros.
The results "underline the successful transformation of our bank," said Deutsche Bank CEO Christian Sewing.
Deutsche Bank launched a restructuring programme in July 2019, which saw the size of the investment banking division reduced, with the loss of thousands of jobs.
An uncertain outlook, due to the war in Ukraine and the risks of recession in Europe, led the bank to build up provisions of 350 million euros this quarter, up from 117 million in the same period a year earlier.
The bank also reduced its exposure to Russian credit in the third quarter.
E.Aziz--SF-PST