Deutsche bank records net profit of 61 mln euros in Q2

0 Comment(s)Print E-mail Xinhua, July 29, 2020
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BERLIN, July 29 (Xinhua) -- Deutsche Bank recorded a net profit of 61 million euros (71.7 million U.S. dollars) in the second quarter (Q2) of 2020, following the loss of 3.1 billion euros due to "transformation-related effects" in the same quarter last year, the bank announced on Wednesday.

Despite the COVID-19 crisis and an exit of equities, net revenues of Deutsche Bank increased slightly to 6.3 billion euros while noninterest expenses decreased by 23 percent year-on-year to 5.4 billion euros, according to Deutsche Bank.

"In a challenging environment we grew revenues and continued to reduce costs and we are fully on track to meet all our targets," said Christian Sewing, chief executive officer (CEO) of Deutsche Bank, adding that "Our strong capital position not only demonstrates our resilience, but also gives us scope for growth."

Last year, Deutsche Bank had announced extensive restructuring measures including a reduction of its staff by 18,000 as well as a complete withdrawal from global equity trading business. Back then, it estimated total costs for the restructuring at 7.4 billion euros by the end of 2022.

"We must be more profitable than today if we want to play a leading role in a European consolidation," said Sewing at the online Annual General Meeting (AGM) in May. He was convinced that the ongoing restructuring process was "the best way to position Deutsche Bank for sustained profitability in international competition." (1 euro = 1.17 U.S. dollars) Enditem

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