Deutsche Bank calls for patience as shock results hit shares
After three years of losses, a failed stress test, several attempts to restructure, a leadership shake-up and a ratings downgrade, many investors have lost faith in Germany's biggest bank
Frankfurt — Deutsche Bank's bleak third-quarter results and revenue forecast overshadowed its assertion on Wednesday that it is on track to return to profit this year, knocking its shares. After three years of losses, a failed stress test, several attempts to restructure, a leadership shake-up and a ratings downgrade, many investors have lost faith in Germany's biggest bank, whose shares have fallen by 43%this year. Although Deutsche Bank said that it was on track to make a profit this year, it posted a steep fall in third-quarter profit as it restructures under new CEO Christian Sewing. Its shares were down by 4.5% after the bank said it expected revenue this year will fall from 2017. "We have our costs under control and sufficient capital to grow. We are on track to be profitable in 2018, for the first time since 2014," Sewing said. Net profit in the third quarter fell by 65% to €229m, down from 649 million euros a year ago but ahead of the €149m forecast in a Reuters poll of anal...
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