Deutsche Bank AG turned in the report stating that its Q3 net profit was past the € 270 million marker, in spite of last year’s sizable € 6.02 billion deficit.
27 Oct 2016 - RTTNEWS
The prior year’s results included the previously noted charge related to Hua Xia Bank Co. Ltd. and impairments of 5.8 billion euros.
Pre-tax profit was 619 million euros, compared to last year’s loss of 6.10 billion euros. The profit was achieved despite cost burden of restructuring and severance, litigation, impairments and de-risking of Non-Core Operations Unit of 1.0 billion euros.
Net revenues increased to 7.49 billion euros from 7.33 billion euros last year, despite a tough interest rate environment.
Provision for credit losses was 327 million euros, 58% higher than 207 million euros a year ago.
John Cryan, Chief Executive Officer, said, “The results for the quarter demonstrate well the strengths of our operating businesses …. We continued to make good progress on restructuring the bank. However, in the past several weeks these positive developments were overshadowed by the attention around our negotiations concerning the Residential Mortgage Backed Securities matter in the United States. This had an unsettling effect. The bank is working hard on achieving a resolution of this issue as soon as possible.”