Deutsche Bank: second-quarter profit down 14%

(CercleFinance.com) - On Wednesday, Deutsche Bank reported net income of 401 million euros for the second quarter, down 14% year-on-year, due to the strategic reshaping of its business.


The group's net revenues were 6.6 billion euros, essentially unchanged versus the second quarter of 2017 on a reported basis.

In the meantime, costs were on the rise. Total noninterest expenses were 5.8 billion euros in the past quarter, up 1% year-on-year, driven by higher restructuring and severance costs.

The German bank said it has reduced the number of employees by 1,700 in the second quarter.

While adjusted costs reached 11.9 billion euros in the first half year, Deutsche said it is still very confident that it will meet full-year 2018 targets of adjusted costs of 23 billion euros.

Investors did not seem that inspired: shares of Deutsche Bank were trading 0.4% lower in early-morning trading in Frankfurt.

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