Deutsche Bank posts unexpectedly sharp rise in second-quarter profit
Deutsche Bank
Germany`s flagship lender beat the expectations of analysts, who had forecast net income of 273 million euros after just 20 million euros in the second quarter of last year, according to a Reuters poll.
Chief Executive John Cryan said in a statement: "Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets."
Revenues at Deutsche Bank`s cash-cow bond-trading division were 12 percent lower in the quarter due to decreased client activity in less volatile markets.
"As we modernise our bank we are turning our focus onto building profitable growth," Cryan said.
($1 = 0.8515 euros)
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