Deutsche Bank reports net income of EUR 649 million for the third quarter of 2017
John Cryan, Chief Executive Officer, said: “While the revenue environment remained challenging, we have made significant progress on our key initiatives such as the planned merger of Deutsche Bank and Postbank in Germany as well as the preparation for the IPO of our asset management business. We are convinced that the benefits of our efforts will step by step become more apparent in the coming quarters and years.”
Deutsche Bank’s profits increased significantly both in the quarter and in the first nine months of 2017. For the third quarter, income before income taxes was up by 51% to EUR 933 million, while net income more than doubled to EUR 649 million. For the first nine months of 2017, income before income taxes was up 64% to EUR 2.6 billion while net income more than tripled to EUR 1.7 billion.
Revenues were negatively impacted by a market and interest rate environment which remained challenging. For the third quarter of 2017, net revenues were EUR 6.8 billion, down by 10% year-on-year, or 7% if adjusted for exchange rate movements. Client activity was subdued compared to a strong prior year quarter, while volatility and interest rates remained low.
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