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Covid-19: Deutsche Bank reports second-quarter profit despite loan losses

Deutsche bank reported a small net profit of 61 million euros in the second quarter as cost-cutting and revenue growth outweighed increased loan losses due to the virus outbreak.

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Deutsche Bank | Coronavirus | Lockdown

AP  |  Frankfurt 

Deutsche Bank
Deutsche Bank

reported a small net profit of 61 million euros in the second quarter as cost-cutting and revenue growth outweighed increased loan losses due to the virus outbreak.

The gain compared with a loss of 3.1 billion euros in the year-earlier quarter, when the bank had large expenses related to its ongoing restructuring.

The Frankfurt-based bank said Wednesday it had cut its cost base by 10 percent to 4.8 billion euros as it presses ahead with a drawn-out transformation aimed at improving profitability by reducing costs and riskier investments and activities.

The bank said that set-asides for loans that aren't being repaid rose to 761 million euros in the quarter, from 161 million euros in the same quarter a year ago. Revenues rose 1 percent to 6.29 billion euros.

Chief financial officer James von Moltke said that the bank is fully on track with a restructuring that is shedding employees and reducing costs.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, July 29 2020. 16:26 IST
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