Deutsche Bank has reported a net profit of €309m for the third quarter of 2020 that ended 30 September, compared to a net loss of €832m in the same quarter in 2019.
The profit before tax for the German banking group in Q3 2020 is €482m, compared to €687 loss before tax in Q3 2019, and €158m profit before tax in Q2 2020.
According to Deutsche Bank, the third quarter has been the strongest quarterly profit of 2020. For the first quarter of 2020, the group reported €66m of profit after tax, and in the second quarter of the year, it was €61m.
The group’s net revenues moved up by 13% in Q3 2020 to €5.93bn, compared to €5.26bn net revenues reported in the same quarter of last year.
Segment-wise revenues for Deutsche Bank in Q3 2020
Deutsche Bank’s corporate banking business (CBB) registered net revenues of €1.25bn in the reported quarter, which is 5% less than the Q3 2019 net revenues of €1.32bn.
Its investment banking business had a 43% increase in its Q3 2020 net revenues at €2.36bn compared to €1.65bn made in the same quarter in the previous year.
The private banking business of the group saw its net revenues in the third quarter remain flat at €2.03bn when compared to the same quarter of the previous year.
For the asset management business, the Q3 2020 net revenues increased by 4% to €563m compared to €543m reported in Q3 2019.
Deutsche Bank CEO Christian Sewing said: “In the fifth quarter of our transformation, we not only demonstrated continued cost discipline, but also our ability to gain market share.
“Our more focused business model is paying off and we see a substantial part of our revenue growth as sustainable.
“Our balance sheet strength and high quality risk management enable us both to support clients in challenging times and to take advantage of new business opportunities.”
The German banking group has been going through a restructuring programme which was announced in July 2019 with a goal to enhance long-term profitability and returns to shareholders. As part of this, nearly 18,000 employees will be made redundant by 2022.
