Kai Pfaffenbach | Reuter
A woman with umbrella walks past a Deutsche Bank branch in Frankfurt, Germany, September 30, 2016.
German lender Deutsche Bank reported a surprise surge in profits for the second quarter of 2017, beating market estimates and doubling its pre-tax profit figure from last year.
Here are the key second-quarter metrics:
- Revenue: 6.6 billion euros vs. 7.21 billion euros billion expected, according to Thomson Reuters
- Net income of 466 million euros vs. 273 million euros expected, according to Thomson Reuters
- Pre-tax profit of 822 million euros vs. 547 million euros expected, according to Thomson Reuters
However, Chief Executive John Cryan said that the results were an improvement on last year but not good enough.
“(The results) give a good summary of where we stand today. Profitability is significantly better than a year ago. We made good progress in bringing costs down and continued to attract net money inflows from clients.”
“Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets. As we modernize our bank we are turning our focus onto building profitable growth.”
The bank has been hit with weaker earnings and legal troubles in recent years. In January, the bank agreed to pay a $7.2 billion settlement after the U.S. Justice Department found it had misled investors in its sale of residential mortgage-backed securities.
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