Despite the severe crisis, The Deutsche Bank, under its new chief, Christian Sewing progress. The revenues are stabilising largely and the profit shrinks less than expected.
The German Bank has made in the second quarter, below-the-line 401 million Euro profit. Before taxes, the largest German money house generated a profit of 711 million euros, as the Institute in Frankfurt said. In the prior-year quarter, the last vigorously shaken Bank, has prescribed the new head Christian Sewing a drastic times had made a 14 per cent increase in net profit.
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Sewing said still satisfied with the result: “In the second quarter, we have been able to the conversion of our Bank significantly and at the same time to demonstrate accelerated stability of our business worldwide,” said the 48-Year-old. For the full year, he still expects overall stable income: in 2017, the money the house had taken with 26.4 billion euros, or twelve per cent less than in the previous year, and at the same time, the third loss-making year in a row, have to accept.
Lower revenues in fixed income trading
The sites remained in the second quarter, as expected, the same as last: In the former discipline, the bonds trade, net revenues declined in the spring by 17 percent to 1.4 billion euros. In the share business to evaporation, Sewing solid, the income between April and June, six percent lower and amounted to around half a billion euros.
Sewing explained that it expected that the Institute will remain in the trading with bonds and currencies based on revenues for the global number four. The front of the big Wall Street houses such as JP Morgan or Goldman Sachs, which were well ahead of the German last with large steps.
Austerity is gaining momentum
Slow Sewing came in his first months as CEO after the surprising replacement of John Cryan at the beginning of April to the removal of the enormous cost of the money house. The adjusted costs were in the second quarter to 5.6 billion euros, which represents year on year, a decline of one percent. For the full year of Sewing continues to assume that the adjusted cost will be reduced to 23 billion euros.
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Deutsche Bank falls by U.S. stress test
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Deutsche Bank falls by U.S. stress test
In the private customer business, in the Sewing in the second quarter the successful completion of the full integration of Postbank in the group was able to report total revenues in the second quarter to around 2.5 billion euros – a Minus of one percent. The asset management DWS falters after the Partial IPO: Here, the income amounted to EUR 561 million, which represents a decline of 17 percent. The Bank justified this, however, with the failure of fees for a specific Fund, which is normally required every two years.
The assets managed by the division increased in the second quarter, a total of 14 to 692 billion euros, because the exchange rate changes and the value development of the invested assets were offset by outflows of around five billion euros more than. The Bank had already published at the beginning of last week, a preliminary quarterly balance sheet, because key figures in the initial calculations significantly over – pessimistic expectations, the analysts were.
ul/AR (rtr, dpa)