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Deutsche Bank logs a profit of $214 mn in third quarter, beats estimates

CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business

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Deutsche Bank

Agencies 

Deutsche Bank CEO Christian Sewing
Deutsche Bank CEO Christian Sewing

reported a third-quarter profit of $214million, its third straight quarterly profit this year, as it saw fewer losses from selling off unwanted assets and revenues rose at its investment bank.

CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business and cutting employee numbers.

Meanwhile, Microsoft said sales rose 12 per cent to $37.2 billion, generating a net profit of $13.9 billion in the first quarter of its fiscal year. Analysts had anticipated the company to report $1.54 in earnings per share, generated from $35.72 billion in revenue.

In the aftermath of the beat, shares of the company are effectively flat, gaining only a fraction of a point in after-hours trading. Microsoft was up by nearly 2 per cent in afternoon trading, despite somewhat uneven markets.

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First Published: Thu, October 29 2020. 01:46 IST
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