January 15, 2021

Deutsche Bank earns 692 million euros in the first nine months of the year, 58% less

Deutsche Bank earns 692 million euros in the first nine months of the year, 58% less


MadridUpdated:

Deutsche Bank, Germany's first private commercial bank, has achieved until September an attributed net profit of 692 million euros, 58% less than a year earlier, when it gained 1,664 million, after reducing revenues and restructuring costs.

Deutsche Bank has reported that it earned before taxes in the first three quarters 1,650 million euros, 37% less than the same period last year, in which its result was 2,633 million euros.

Income have fallen in the same period to 19,700 million euros, 5% less, but also the provisions for risks in the credit business if it stood at 273 million euros, 31% lower.

Next to close the year in benefits

The president of Deutsche Bank, Christian Sewing, has predicted that the entity is «about to close 2018 with profit for the first time since 2014 », and highlighted that they have managed to dominate the costs and that they have capital to be able to grow again. In this sense, Sewing added that "the profit before taxes of 506 million euros (in the third quarter) is a milestone in our path to be a profitable bank."

However, the president of Deutsche Bank, in office since April, has forecast a small drop in revenue in 2018 and considered that the reduction of jobs is going according to the plans. Deutsche Bank had 94,717 full-time employees by the end of the third quarter, some 700 fewer than at the end of June and 2% less than a year earlier.

It has cut some 1,450 jobs in infrastructure areas and has hired 750 university graduates. The number of full-time jobs has fallen in the first nine months of the exercise in 2,800 jobs.

The board of directors has reiterated the goal of reducing full-time staff by the end of the year until somewhat less than 93,000 and until the end of 2019 to notably below 90,000. With the sale of the retail banking business in Poland, which will close in the fourth quarter, 1,400 jobs in the consortium will be reduced.

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