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Deutsche Bank back in black in Q3 with net profit of €182m
Published : 28 Oct 2020, 23:52
Deutsche Bank, Germany's largest lender, on Wednesday reported a net profit attributable to shareholders of 182 million euros for the third quarter of 2020, beating market expectations, reported Xinhua.
It marks a significant improvement from the bank's 942-million-euro net loss for the same period last year amid a massive restructuring, and also a pickup from the 77-million-euro net loss attributable to shareholders in the previous quarter this year.
The bank said in a statement that it has had the strongest quarterly profit of the current year, posting a profit of 309 million euros, with a profit before tax of 482 million euros.
Group net revenues grew 13 percent from a year ago to 5.9 billion euros, with strong performance in its investment bank segment where net revenues were up 43 percent year-on-year to 2.4 billion euros.
In the third quarter, the bank allocated provisions for credit losses that totaled 273 million euros, compared with 761 million euros allocated in the second quarter and 506 million euros in the first.
The bank announced a restructuring plan in July 2019, which is expected to cost 7.4 billion euros until the end of 2022.
"In the fifth quarter of our transformation, we not only demonstrated continued cost discipline, but also our ability to gain market share," Deutsche Bank chief executive officer Christian Sewing said in the statement.