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October 26, 2022

Deutsche Bank posts three-fold rise in profit before tax in Q3

Deutsche Bank has reported a profit before tax of €1.6bn for the third quarter of 2022, which represents nearly three-fold rise year-on-year (YoY).

This is the German banking giant’s highest third quarter profit before tax since 2006.

Post-tax profit in the quarter stood at €1.2bn compared with €329m reported in the same period a year ago.

The bank’s positive performance was driven by 15% YoY jump in net revenues along with 8% dip in noninterest expenses. 

For the quarter ended 30 September 2022, the bank recorded a 15% rise in net revenues to €6.9bn owing to growth across core businesses

Net revenues at Corporate Bank was €1.6bn, up 25%, driven by increase in net interest income, commission and fee income.

Investment Bank net revenue rose 6% to €2.4bn, while Origination & Advisory business reported 85% drop in revenue.    

Meanwhile, Private Bank and Asset Management units saw their quarterly net revenues rise by 13% and 1%, respectively.     

Common Equity Tier 1 (CET1) capital ratio was 13.3%, up from 13.0% in the previous quarter. The figure was above the bank’s minimum target of 12.5%.

Deutsche Bank chief executive officer Christian Sewing said: “In the third quarter and first nine months of 2022, we delivered our best profits in more than a decade for both these periods.

“This underlines the success of our transformation efforts. We have significantly improved Deutsche Bank’s earnings power and we are well on track to meet our 2022 goals.

“This reflects the outstanding efforts of our people. We have the strength to stand by our clients in a more challenging environment while growing returns to our shareholders.”

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