FRANKFURT (dpa-AFX) - Deutsche Bank AG (DBK.DE), Germany's largest lender, on Wednesday reported higher second-quarter profit, driven by stronger net interest income and growth in fee income.
Profit attributable to Deutsche Bank shareholders and additional equity components increased to €1.850 billion, or €0.57 per share, from €1.687 billion, or €0.48 per share, a year earlier.
Profit before tax rose to €2.680 billion from €2.421 billion in the prior-year quarter.
Revenues increased to €8.5 billion from €7.8 billion a year earlier.
Net interest income increased to €4.549 billion from €3.837 billion, and net commission and fee income rose to €2.861 billion from €2.674 billion. Net gains on financial assets and liabilities at fair value through profit or loss improved to €1.445 billion from €1.156 billion, while total noninterest income was broadly stable at €3.930 billion, compared with €3.967 billion a year earlier.
Investment Banking delivered record second-quarter revenue, with net revenue rising 19% year over year to €3.2 billion, supported by record Fixed Income & Currencies performance and strong growth in Investment Banking & Capital Markets.
Provision for credit losses increased to €460 million from €423 million.
Total noninterest expenses rose to €5.340 billion from €4.959 billion, reflecting higher compensation and benefits of €3.108 billion, up from €2.894 billion, and higher general and administrative expenses of €2.233 billion, compared with €2.065 billion a year ago.
Assets under management across the Private Bank and Asset Management businesses exceeded €1.9 trillion, supported by €34 billion in net inflows during the quarter. Corporate Bank loans increased 7% to €8 billion, while deposits rose 9% to €26 billion. Private Bank client assets grew to €846 billion.
Adjusted net assets increased to €1.198 billion as of June 30, from €1.084 billion a year earlier.
Looking ahead, Deutsche Bank said it remains on track to achieve its full-year 2026 revenue target of about €33 billion, supported by its strong first-half performance. The bank also said it expects to deliver strong operating performance for the full year.
In Germany, Deutsche Bank shares closed down 0.15% at €30.94 on Tuesday.
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