Deutsch Bank reported earnings for the third quarter.
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Deutsche Bank on Wednesday crushed market expectations, reporting a net income of 1.115 billion euros ($1.11 billion) for the third quarter.
Analysts had predicted a net profit of 827 million euros, according to data from Refinitiv.
“We have significantly improved Deutsche Bank’s earnings power and we are well on track to meet our 2022 goals,” Christian Sewing, chief executive officer of Deutsche Bank, said in a statement.
Here are other highlights for the quarter:
- Revenues rose 15% from a year ago, and hit 6.92 billion euros.
- Common Equity Tier 1 ratio, a measure of bank solvency, stood at 13.3% from 13% a year ago.
Looking at the bank’s individual divisions, investment banking revenues increased 6% from a year ago. In particular, revenues in Fixed Income and Currencies were up by 38% over the same period and helped offset lower performance in Credit Trading.
Corporate Banking, however, saw the biggest jump in revenues, up by 25% from a year ago.
Deutsche Bank also said it had further reduced its exposure to Russian credit over the same period.
The German bank also reported higher provisions in comparison to the same quarter a year ago. These came in at 350 million euros at the end of the third quarter, compared to 117 million euros at this time last year.
The bank said these reflected a “more challenging macroeconomic forecasts.”
Shares of Deutsche Bank are down about 17% so far this year. The German lender beat expectations back in the second quarter with a profit of 1.046 billion euros.
This is a breaking news story and it is being updated.