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Deutsche Bank lifts 2022 target after profits jump

Better-than-expected net profit for the second quarter

28 July, 12:38
(ANSA-AFP) - BERLIN, JUL 28 - Germany's largest lender Deutsche Bank raised its 2022 revenue target Wednesday after posting a better-than-expected net profit for the second quarter, even as it took a hit from an unfavourable court ruling on banking fees. Net profit for the April-June period reached 692 million euros ($817 million), compared with a 77 million euro loss a year earlier. Analysts surveyed by Factset had forecast a smaller net profit of just under 430 million euros.

Group revenues fell one percent to 6.2 billion euros, weighed down by an 11-percent drop in revenues at Deutsche's investment banking division -- the one-time problem child that has been a recent growth driver. Deutsche pointed out however that after an exceptionally strong performance in the first quarter, the investment unit's revenues over the six months of 2021 were still up nine percent on the year. (ANSA-AFP).

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