Deutsche Bank has reported a net profit of €401m for the second quarter of 2018, which was down 14% compared to the €466m for the same quarter last year.
Image: Deutsche Bank reported a net profit of €401m for Q2 2018. Photo: courtesy of Deutsche Bank AG.
Deutsche Bank said that its results were attained amid accelerated implementation of strategic measures which were put into force by the new management team at the start of the quarter.
The German investment banking company said that for the first six months of the year, it recorded €1.14bn in profit before tax and €521m in net income. Its net revenues were €6.59bn, which is basically unchanged compared to what was reported in the second quarter of last year.
The company’s net revenue in Q2 2017 was €6.61bn while in Q1 2018 was €6.97bn.
Deutsche Bank’s corporate and investment banking unit revenues in the reported quarter came down to €3.57bn from €3.62bn in Q2 2017 and €3.85bn in Q1 2018.
Its private and commercial bank earned €2.54bn in the reported quarter. In the same quarter in 2017, the unit earned slightly better by 1% at €2.56bn while registering €2.64bn in Q1 2018.
The asset management division, on the other hand, earned net revenues of €561m in Q2 2018, which was 17% lower compared to €676m in Q2 2017. In Q1 2018, the net revenues of the unit stood at €545m.
Through wealth management, Deutsche Bank earned revenues of €470m in the second quarter of this year, which is 10% lesser than Q2 2017 earnings.
Deutsche Bank CEO Christian Sewing said: “In the second quarter we accelerated the reshaping of our bank significantly and proved the resilience of our global business. 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.
“This gives us the flexibility to invest in areas where we have particular strengths.”
The German bank, in the meanwhile, continues to cut down its workforce. It expects to trim it to under 93,000 by the year end and under 90,000 by the end of 2019.