FRANKFURT (dpa-AFX) - German banking major Deutsche Bank AG (DB) reported Thursday a net profit in its second quarter, compared to prior year's loss, mainly on the non-recurrence of a litigation provision, and higher revenues.
Looking ahead, for fiscal 2025, the bank continues to expect revenues of around 32 billion euros.
Christian Sewing, Chief Executive Officer, said, 'We are very happy to have delivered our highest second-quarter and first-half year profits since 2007. This puts us on track to meet our 2025 targets, and we are positioning our Global Hausbank to grow further, including further raising capital distributions to shareholders beyond 2025.'
In the second quarter, profit attributable to shareholders was 1.49 billion euros, compared to prior year's loss of 143 million euros. Profit before tax was 2.42 billion euros, significantly higher than last year's 411 million euros.
The latest profit growth partly reflected the non-recurrence of a litigation provision of 1.3 billion euros last year relating to the bank's takeover of Postbank AG.
Excluding the Postbank litigation provision, and the provision release in the second quarter of 2025, second-quarter profit before tax was up 34 percent year on year.
Noninterest expenses fell 26 percent year-over-year to 5.0 billion euros, primarily reflecting Postbank litigation impacts. Adjusted costs were down 1 percent.
Provision for credit losses dropped 11 percent year- over-year to 423 million euros.
Net revenues were up 3 percent to 7.80 billion euros from prior year's 7.59 billion euros.
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