Deutsche Bank has reported a net attributable loss of €143m for the second quarter of 2024 (Q2 2024) that ended 30 June 2024, compared to a net profit of €763m in the same quarter in 2023.
The loss was driven by a €1.3bn litigation provision related to its Postbank acquisition.
Deutsche Bank’s profit before tax for the German banking group in Q2 2024 is €411m, a 71% decline, compared to €1.4bn profit before tax in Q2 2023.
Its after-tax profit for the second quarter of 2024 was reported at €52m, down from €940m in the prior year quarter, representing a decrease of 94%.
The German lender reported total net revenues of €7.6bn for Q2 2024, a 2.4% increase compared to €7.4bn for the same quarter of 2023.
Its non-interest expenses for the reported period were €6.7bn, a 20% increase compared to €5.6bn for the corresponding quarter of the previous year.
For the first half of 2024, Deutsche Bank’s profit before tax was €2.4bn compared to profit before tax of €3.25bn in the first half of the previous year.
Deutsche Bank CEO Christian Sewing said: “In the first half year our underlying profitability was the highest since 2011, which demonstrates the success of our strategic execution.
“We have built powerful momentum in our client franchise across all our businesses– and this, together with our very solid capital ratio and continued cost and risk discipline, keeps us well on track towards meeting our 2025 goals and our distribution commitments to shareholders.”
The German bank’s corporate bank net revenues of this quarter were €1.9bn, which is identical compared to the second quarter of 2023. Its net revenues from investment bank unit were €2.6bn, up 10% over Q2 2023.
Deutsche Bank’s private bank net revenues stood at €2.3bn for Q2 2024, down 3% year on year (YoY).
The bank’s asset management net revenues were €663m for the reported quarter, 7% up, compared to €620m in Q2 2023.
Earlier this year, Deutsche Bank announced plans to axe around 3,500 jobs in the coming two years.
