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July 28, 2022

Deutsche Bank posts 51% rise in second-quarter profit

Deutsche Bank has continued its profits streak into Q2 2022, recording a 51% year on year jump in second-quarter net income.

The profit attributable to the German lender’s shareholders was $1.06bn (€1.046bn) compared to €692m a year ago.

Profit before tax stood at €1.5bn for the second quarter of 2022, an increase of 33% from a year ago. Post-tax profit surged 46% to €1.2bn.

During the period, net revenues climbed 7% to €6.6bn driven by growth across all core businesses.

Net revenues at Corporate Bank stood at €1.6bn, up 26% year on year, driven by a normalising interest rate environment, growth in business volumes and higher fee income.

Investment Bank net revenue increased 11% to €2.6bn while revenue from the investment bank’s origination and advisory business dropped 63% in the quarter.

Net revenues in Private Bank and Asset Management units increased 7% and 5%, respectively.

Deutsche Bank’s noninterest expenses was €4.9bn, down 3% year on year.

The Common Equity Tier 1 (CET1) capital ratio was 13.0% at the end of the second quarter, up from 12.8% at the end of the first quarter. This is above the bank’s target minimum of 12.5%.

Return on tangible equity was 7.9%, up from 5.5% a year ago.

Deutsche Bank CEO Christian Sewing said: “With the best half-year profits since 2011, we have proven – once again – that we can deliver growth and rising profits in a challenging environment.”

“We are particularly pleased with the progress of our Corporate Bank and Private Bank. Thanks to our successful transformation, we’re well on track to deliver sustainable and well-balanced returns through our four strong core businesses.”

Deutsche Bank reported a 17% surge in profit in the previous quarter.

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