Deutsche Bank lifts second quarter profits after years of woe
The bank more than doubles its operating profit to €822m
Frankfurt am Main — Germany’s biggest lender Deutsche Bank said on Thursday it had lifted profits in the second quarter, as it labours to return to healthy growth after years of business and legal woes. Deutsche reported net profits attributable to shareholders of €447m ($547.4m) between April and June, up from just £18m in the second quarter last year. The bank was able to more than double its operating or underlying profit to €822m, although revenues fell 10% compared with the same period in 2016 to €6.6bn. Revenues fell across Deutsche’s corporate and investment banking, private and commercial banking, and asset management divisions. "Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked," CEO John Cryan said in a statement. He pointed to "good progress" in bringing costs down some 15% compared with the second quarter in 2016. Deutsche is undergoing an arduous res...
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