By Ed Frankl
Deutsche Bank AG reported higher profits and revenue on Wednesday, which beat expectations for overcoming a challenging market for investment banking, as it indicated it could exceed its revenue guidance for the year.
The German lender’s net profit for the three months to the end of September stood at EUR 1.12 billion ($1.12 billion), up from EUR194 million for the same period last year.
Revenue climbed 15% to EUR6.92 billion, with its corporate bank growing 25%, supported by higher net interest income.
Its investment bank saw slow growth, up 6%, as higher rate revenues were more than offset by significantly lower revenues in its credit-trading operations.
According to consensus estimates provided by the company, analysts projected net profit of €960 million and revenue of €6.50 billion for the company.
The Frankfurt-based lender’s common equity Tier 1 ratio — a measure of the bank’s ability to withstand financial stress — rose to 13.3% from 13% at the end of the second quarter.
The company said the strong performance continued, with its 2022 revenue-guidance in the range of 26 billion euros to 27 billion euros.
Write to Ed Frankl at [email protected]
improvement and amplification
This article was corrected at 0924 GMT because the original incorrectly stated that Deutsche Bank had reaffirmed its previous guidance for the year. Deutsche Bank indicated the possibility of exceeding its 2022 revenue guidance.
Credit: www.marketwatch.com /