Deutsche Bank has today posted a better-than-expected third-quarter 7% climb in profit, its fifth quarter in the black in a row despite a decline in investment banking revenue.
The profit, while a fraction of that of major US competitors, is a victory for chief executive Christian Sewing.
In 2019 he embarked on a €9 billion overhaul after a series of regulatory failings and billions in losses logged over the past decade.
The bank said its net profit attributable to shareholders was €194m, compared with profit of €182m a year earlier and analysts' expectations for profit of €135m.
The fifth consecutive quarter of profit represents its longest streak in the black since 2012.
"We are focused on driving efficiencies while maintaining strong controls, and we are confident of achieving Deutsche Bank's 2022 targets," Sewing said.
Part of that restructuring has involved reducing dependence on the at-times volatile income of the investment bank, but the division, as in recent quarters, was again the bank's biggest revenue generator.
Although revenue at the division declined 6% in the third quarter from a year earlier as a pandemic trading boom eased, it is on pace to match last year's, Deutsche Bank said. That would be a significant improvement over 2019.
The investment bank's advisory business benefited from a global dealmaking boom, with revenue surging 82% to €118m.
