Germany’s largest bank, Deutsche Bank reported a fifth straight quarter of profits with net income of €329mn ($mn), up 6% YoY. Net revenues rose 2% to €6bn with the bank noting that business growth offset ‘normalizing markets’. Provision for credit losses were down 57% YoY to €117mn, helping push profits higher. However its divisional revenues were lower – Investment Bank net revenues were at € 2.2bn, down 6% with Fixed Income & Currencies (FIC) down 12% at € 1.6bn. Deutsche Bank said that revenue overall was “developing in line with or better than previous 2022 ambitions” and added that it is “positioning for meaningful capital returns to shareholders starting in 2022”. Its CET1 ratio stood at 13%, down 30bp from the same period last year.
Deutsche Bank’s dollar bonds were stable with its 6% Perp at 105.35, yielding 4.51%.
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