The money house benefits from the end of the zero interest rate policy.
(Photo: dpa)
Frankfurt The end of the zero interest rate policy and earnings from corporate customers are catching the doldrums in investment banking at Deutsche Bank. The bottom line is that the money house made a profit of 1.2 billion euros.
This is more than three times the same period last year, as the largest German bank announced on Wednesday. The higher profit is based on revenue growth of 15 percent over the prior-year quarter and an 8 percent decrease in noninterest expenses.
On average, analysts had only expected a net profit of 835 million euros. “We achieved our highest result in more than a decade,” said bank boss Christian Sewing. “We are right on track to achieve our goals for 2022.”
It was the ninth consecutive quarterly profit for Deutsche Bank. Loan loss provisions rose from EUR 117 million to EUR 350 million in the same period.
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