FRANKFURT: Germany’s largest lender Deutsche Bank raised its 2022 revenue target after posting a better-than-expected net profit for the second quarter, even as it took a hit from an unfavourable court ruling on banking fees.
Net profit for the April-June period reached €692 million ($817 million), compared with a €77 million loss a year earlier.
Analysts surveyed by Factset had forecast a smaller net profit of just under 430 million euros.
Group revenues fell one per cent to €6.2 billion, weighed down by an 11-per cent drop in revenues at Deutsche’s investment banking division .
Deutsche pointed out however that after an exceptionally strong performance in the first quarter, the investment unit’s revenues over the six months of 2021 were still up nine per cent on the year. — AFP
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