Deutsche Bank had a group pre-tax profit of €158m ($185m) in Q2 2020 compared to a loss of €946m at the same point last year.

This was attributed to transformation-related effects of €280m and €124m of bank levy charges.

In addition, it made a net profit of €61m compared to a net loss of €3.1bn in Q2 2019.

Revenue in Q2 2020 of Deutsche Bank rose slightly by 1% to €6.3bn despite the exit of equities.

For the first six months of 2020, pre-tax profit totalled €364m compared to a pre-tax loss of €654m for the same period in 2019.

Furthermore, net profit was a huge improvement at €126m compared to the net loss of €2.9bn for H1 2019 due to transformation costs.

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Deutsche Bank private bank in Q2 2020

With regards to the private bank, it made net revenues of €1.981bn, a 5% decline year-on-year from €2.087bn. The drop was attributed to the completion of the German legal entity merger, the alignment of Digital Venture activities and implementing a new core platform in Italy.

Revenues in Private Bank Germany decreased by 5% to €1.2bn, but it generated €2bn in net new client loans.

Wealth management revenues declined by 1% to €424m from €429m. Assets under management (AuM) in the private bank increased by €30bn in the quarter but suffered a 6% drop compared to Q2 2019. AuM totals €471bn for Deutsche Bank in Q2 2020.

Christian Sewing, chief executive, said: “In a challenging environment we grew revenues and continued to reduce costs, and we’re fully on track to meet all our targets. This enabled us to more than offset higher provision for credit losses and remain profitable while supporting clients through difficult conditions. Our strong capital position not only demonstrates our resilience, but also gives us scope for growth.”

In May 2020, Deutsche Bank wrapped up its merger with DB Privat- und Firmenkundenbank.

The merger, a key part of Deutsche Bank’s transformation, was concluded with the migration of technical systems.

It involved the complete migration of balance sheet items, business assets, clients, and staff to Deutsche Bank.

The move was aimed at cutting costs and boosting profitability.