Deutsche Bank Reports Pre-tax Profit In Q2 - Quick Facts

(RTTNews) - Deutsche Bank (DB) reported second quarter net profit of 61 million euros, compared to a net loss of 3.1 billion euros in the prior year quarter which included transformation-related effects. Deutsche Bank recorded a net loss attributable to shareholders of 77 million euros compared to a loss of 3.27 billion euros. Pre-tax profit was 158 million euros, compared to a pre-tax loss of 946 million euros. Provision for credit losses was 761 million euros, consistent with management expectations. Core Bank recorded net profit of 489 million euros, for the quarter.

Second quarter Group net revenues were up 1% to 6.3 billion euros despite exit of Equities. Core Bank net revenues rose 6% to 6.4 billion euros, or up 8% to 6.3 billion euros ex-specific items.

Christian Sewing, CEO, said: "In a challenging environment we grew revenues and continued to reduce costs, and we're fully on track to meet all our targets. This enabled us to more than offset higher provision for credit losses and remain profitable."

Deutsche Bank reaffirmed its guidance for full year 2020 provision for credit losses of between 35-45 basis points of loans.

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