Deutsche Bank Reports Second Consecutive Quarterly Loss -- Earnings Review
30 October 2019 - 10:16PM
Dow Jones News
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)
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