Deutsche Bank sees profit more than treble

Deutsche Bank - External

Deutsche Bank, which runs Europe’s biggest investment bank, said second-quarter profit more than tripled after a surge in trading revenue more than offset higher legal expenses.

Bloomberg News reports that net income was $872m in the three months through June, up from $259.6m a year earlier, the company said in a statement on Thursday.

That is in line with the $873.2m average of 10 analyst estimates compiled by Bloomberg. The bank had $1.3bn of legal expenses in the quarter, more than twice the $602.6m five analysts had expected on average.

Co-CEO John Cryan, who replaced Anshu Jain this month, is pressing ahead with the bank’s plan to bolster profitability by reducing costs and cutting back businesses. Cryan has signaled he may shrink the trading operation built up by his predecessor as some investors have called for a more aggressive revamp of the securities unit to bolster capital.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank Second-Quarter Profit Jumps as Trading Improves

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