Deutsche Bank (XE:DBK)
Historical Stock Chart
6 Months : From Oct 2019 to Apr 2020
By Pietro Lombardi
Deutsche Bank AG (DBK.XE) released its third-quarter results on Wednesday. Here's what you need to know:
PROFIT: The German lender had an after-tax loss of 832 million euros ($923.4 million) for the period, which compares with a profit of EUR229 million a year earlier. Analysts had expected a loss of roughly EUR772 million, according to a consensus forecast provided by FactSet. Net loss attributable to shareholder was EUR942 million.
REVENUE: Revenue fell 15% to EUR5.26 billion, with almost all of the bank's four core divisions--excluding the corporate bank--reporting lower revenue. The results miss analysts' expectations of EUR5.53 billion, according to a consensus forecast provided by FactSet.
WHAT WE WATCHED:
-INVESTMENT BANK: The investment banking division reported a 5% decline in revenue, with fixed-income revenue down 13%.
-COSTS: Adjusted costs excluding transformation charges fell 4% on year to EUR5.2 billion. The bank confirmed its cost target for the year.
-RESTRUCTURING: The bank is undergoing "the most comprehensive restructuring" in two decades, Chief Executive Christian Sewing said in a statement. The bank's four core business divisions were profitable, he said.
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(END) Dow Jones Newswires
October 30, 2019 07:01 ET (11:01 GMT)
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