Deutsche Bank increases quarterly profit despite renovation costs

The corporate restructuring will be more expensive, but Deutsche Bank sees itself on the road to success.

The latest interim results are better than expected by the market.

Frankfurt / Main - Despite increased costs for the corporate restructuring, Deutsche Bank earned a little more in the third quarter than a year earlier.

Before taxes, a profit of 554 (previous year: 482) million euros was in the books at the end of September, as Germany's largest financial institution announced in Frankfurt on Wednesday.

After taxes, the Dax group earned 329 (309) million euros in the period from July to September. Minority interests as well as interest payments for certain bonds have to be deducted from this, so that the bottom line is a profit of 194 (182) million euros for the shareholders. In the first nine months of the current year, this net profit added up to almost 1.8 billion euros.

"In the third quarter we again demonstrated the operational strength of our business," said CEO Christian Sewing.

The income - i.e. the total income - increased by around 100 million euros to a good 6 billion euros compared to the same period in the previous year.

“We are now doing everything we can to further reduce our costs without compromising our controls.

We are confident that we will achieve our goals for 2022, ”affirmed Sewing.

The group also benefits from the fact that it had to save significantly less money for possible loan defaults in the current year than in the Corona year 2020.

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Hornbach with sales growth in the second quarter

The Hornbach Group, known for its home improvement chain of the same name, increased its sales in the second fiscal quarter (as of the end of August).

Revenues increased by 3.8 percent to 1.6 billion euros.

The adjusted operating result (EBIT) rose just as strongly from 161.9 to 168.1 million euros.

The bottom line was that the group stuck 118.4 million euros - 5.7 percent more than in the previous year, as the company announced on Thursday.

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Deutsche Bank has been renovating since 2019.

The board of directors had already made it public that it would have to raise around 700 million euros in addition to computer systems, job cuts and the downsizing of office space for the restructuring of the company this year.

In the third quarter, the renovation costs of 583 million euros were almost six times as high as a year earlier.

dpa