Deutsche Bank Reports Second Consecutive Quarterly Loss -- Earnings Review

Date : 10/30/2019 @ 11:16AM
Source : Dow Jones News
Stock : Deutsche Bank AG (DBK)
Quote : 6.721  -0.061 (-0.90%) @ 4:35PM

Deutsche Bank Reports Second Consecutive Quarterly Loss -- Earnings Review

Deutsche Bank (XE:DBK)
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2 Months : From Oct 2019 to Dec 2019

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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.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

October 30, 2019 07:01 ET (11:01 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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