MADRID, 26 Oct. (EUROPA PRESS) -
Deutsche Bank recorded an attributed net profit of 1,115 million euros between July and September, which is almost six times more than the result of 194 million recorded in the same period of 2021, as announced by the entity.
In fact, the net profit before taxes of the German bank reached 1,615 million euros in the third quarter of the year, compared to 554 million a year earlier, which represents the best result between July and September since 2006, before the outbreak of the financial crisis that led to the Great Recession.
"This is the best third-quarter result since 2006," said Christian Sewing, CEO of Deutsche Bank.
In the third quarter of the year, the largest banking entity in Germany increased its income by 14.5%, to 6,918 million euros, with growth of 25% in corporate banking, up to 1,564 million, and 6% in investment banking , with 2,372 million.
On its side, the turnover of the private banking business increased by 13%, to 2,268 million euros, while the asset management division billed 1% more, to 661 million.
In this way, in the first nine months of the year, Deutsche Bank obtained a net attributable profit of 3,222 million euros, 79.6% above the result for the same period in 2021.
Likewise, the bank's turnover reached 20,895 million euros, 7% more than a year before, with growth of 20% in corporate banking, up to 4,575 million, and 8% in investment, up to 8,341 million, while that the private banking business grew by 7%, to 6,648 million, and the asset management business by 4%, to 1,998 million.
In the first nine months of 2022, the German entity increased its provisions for credit risk to 875 million euros, compared to 261 million a year earlier, including 350 million in the third quarter.
The top executive of Deutsche Bank highlighted that the bank's results have put within immediate reach the goals formulated by the entity for the end of 2022, especially for the profitability of the business.
"We want to get an after-tax return on tangible equity of 8% this year. After the third quarter, we are even slightly above this figure. In fact, we can achieve what many observers thought was out of reach even until well into the current year," he added.
However, Sewing warned that "we must not lower our guard" because the cost pressure will remain high for some time, so the entity will continue to carefully examine expenses, with the same care with which it monitors the risks in in view of the difficult economic environment.
