FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday posted a 14 percent drop in net profit in the second quarter from a year earlier, as Germany’s largest bank restructures under new leadership.
FILE PHOTO: The headquarters of Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo GLOBAL BUSINESS WEEK AHEAD
Deutsche last week already flagged that net profit would be more than double analysts’ forecasts in a rare piece of good news for the bank, which is cutting costs to revive profitability.
Net profit in the second quarter was 401 million euros ($468.33 million), down from 466 million euros last year.
The bank halted a steep decline in revenue, which was 6.6 billion euros. That is flat compared with the same quarter in 2017, when revenue fell 10 percent from a year earlier.
The figures are a positive sign for new Chief Executive Christian Sewing, who took over in April and has embarked on plans to cut more than 7,000 jobs in an overhaul of the bank.
“We’re making important changes to our core businesses as promised, we’re headed in the right direction on costs, and our balance sheet quality is strong.” Sewing said on Wednesday.
Reporting by Tom Sims; Editing by Victoria Bryan
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