FRANKFURT (dpa-AFX) - German banking major Deutsche Bank AG (DB) reported Wednesday higher third-quarter profit with increased revenues mainly in Investment bank.
Looking ahead, for fiscal 2025, the bank continues to expect revenues of around 32 billion euros.
Christian Sewing, Chief Executive Officer, said, 'We are on track to deliver on our 2025 financial targets and, having increased shareholder distributions by 50 percent in each of the last three years, we are on course to return over € 8 billion to shareholders from 2022 to 2026. We have built firm foundations for the next phase of our strategy journey.'
In the third quarter, net profit attributable to shareholders grew 7 percent to 1.56 billion euros from last year's 1.46 billion euros.
Profit before tax was 2.45 billion euros, up 8 percent from 2.26 billion euros a year ago. Profit before tax climbed 34 percent excluding prior year's 440 million euros Postbank litigation provision release.
Noninterest expenses of 5.2 billion euros went up 9 percent year on year, reflecting non-recurrence of Postbank litigation release in prior year quarter
Provision for credit losses declined 16 percent year on year to 417 million euros.
Net revenues rose 7 percent to 8.04 billion euros from 7.50 billion euros a year ago with growth in all segments, despite Corporate Bank. Investment bank revenues climbed 18 percent.
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