The bank reported a profit before tax of €554m for the third quarter of 2021, an increase of 15% compared to €482m for the same period last year
A Deutsche Bank retail branch in Munich. (Credit: Ich fahre hummer/Wikipedia.)
Deutsche Bank has reported a net profit of €194m for the third quarter ended 30 September 2021, a 7% increase compared to €182m for the corresponding quarter in 2020.
The bank has reported a profit before tax of €554m for the third quarter (Q3) of 2021, an increase of 15% compared to €482m for the same period last year.
Its total net revenue for the reported period was €6bn, a 2% increase compared to €5.9bn for the respective quarter in 2020.
The German bank attributed the rise in profits to additional new price agreements with its clients, increased lending, and an increase in advice on mergers and acquisitions.
Deutsche Bank CEO Christian Sewing said: “In the third quarter, we again demonstrated the operating strength of our business: our revenues have proven to be resilient; we have increased our pre-tax profit despite additional transformation charges, and we have already exceeded our full-year 2021 sustainability target.
“We are focused on driving efficiencies while maintaining strong controls, and we are confident of achieving Deutsche Bank’s 2022 targets.”
Deutsche Bank’s Corporate Bank (CB) unit reported net revenue of €1.2bn for Q3 2021, which remained unchanged from the same quarter in 2020.
Its Investment Bank (IB) business has reported net revenue of €2.2bn for Q3 2021, a 6% decline compared to €2.3bn for the same period last year.
The Private Bank (PB) unit has reported net revenue of €1.9bn for Q3 2021, a 2% decrease compared to €2bn for the same quarter in 2020.
Deutsche Bank’s Asset Management (AM) has reported net revenue of €656m for Q3 2021, a 17% increase compared to €563m for Q3 2020.
Last month, the bank agreed to acquire Berlin-based payment service provider Better Payment Germany for an undisclosed amount.
Better Payment is engaged in providing technical processing service for online payments, using an online payment gateway platform to send and receive payments online.