Deutsche Bank posts better-than-expected Q2 profit

[FRANKFURT] Deutsche Bank returned to a better-than-expected profit in the second quarter from a year ago despite mixed results at its global investment banking division and a hit from the jump in the euro’s value.

Deutsche, Germany’s largest lender, on Thursday reported net profit attributable to shareholders of 1.485 billion euros (S$2.2 billion) in the quarter, compared with a loss of 143 million euros a year earlier. It is better than analyst expectations for a profit of around 1.2 billion euros.

The figures come mid-way through a crucial year for Deutsche as it winds up a three-year plan and attempts to meet a series of targets that some analysts doubt it will achieve.

“This puts us on track to meet our 2025 targets,” CEO Christian Sewing said of the results.

The loss a year earlier resulted from a large provision for an investor lawsuit, briefly interrupting a long profit streak as the bank recovered from steep losses over the past decade. REUTERS