You are here

Deutsche Bank swings to profit in Q3

file7cfb338kcb7dvaf0nza.jpg
Deutsche Bank posted a 182 million euro (S$292.3 million) net profit in the third quarter as it navigates its ongoing restructuring and the coronavirus pandemic, the German lender disclosed on Wednesday.

[FRANKFURT] Deutsche Bank posted a 182 million euro (S$292.3 million) net profit in the third quarter as it navigates its ongoing restructuring and the coronavirus pandemic, the German lender disclosed on Wednesday.

The profit attributable to shareholders compares with a loss of 942 million euros a year earlier. The figures are better than expected.

The bank last posted a quarterly profit in the first quarter of 2019.

Deutsche, Germany's largest lender, has lost money for the past five years and is hoping to reverse its fortunes through an overhaul by shedding staff, exiting some businesses and cutting cuts.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes