Deutsche Bank forecasts record annual revenue for 7 years – Kommersant
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One of the largest banks in the eurozone, the German Deutsche Bank, reported, that in the third quarter its total revenue reached €7.1 billion, which is 3% more than a year earlier. Net profit amounted to €1.03 billion, which is 8% less than a year earlier, but higher forecasts analysts who expected €997 million.
At the same time, profit in the third quarter was 35% higher than the profit in the second quarter. The bank said better-than-expected third-quarter results would allow it to increase amounts for dividend payments and share buybacks from the market.
Since the start of a large-scale restructuring of Deutsche Bank in 2019, which it was forced to undertake due to the deep crisis, the past quarter was the 13th consecutive quarter in which the bank made a profit. In addition, Deutsche Bank announced that by the end of 2023 it expects revenue of €29 billion, which is a record figure over the past seven years.
After the publication of quarterly reports, Deutsche Bank shares jumped in price by 7% in the first hours of trading.
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