Deutsche Bank registers steep growth in profits in Q3 2022
Deutsche Bank (ETR:DBK) today announced its highest third-quarter profit before tax since 2006.
Profit before tax was €1.6 billion for the third quarter of 2022, up nearly threefold compared to €554 million in the prior year quarter, while post-tax profit was €1.2 billion, up more than threefold from €329 million in the third quarter of 2021. Profit growth reflected 15% year-on-year growth in net revenues together with an 8% reduction in noninterest expenses.
For the first nine months, profit before tax was €4.8 billion, up 46%, and post-tax profit was up 68% to € 3.7 billion. Profit attributable to Deutsche Bank shareholders was up 80% to €3.2 billion.
Net revenues were € 6.9 billion, up 15% year on year and the highest third-quarter revenues since 2016.
Investment Bank net revenues were € 2.4 billion, up 6% year on year. Revenues in Fixed Income & Currencies (FIC) were up 38% to € 2.2 billion, with Rates revenues more than double the prior year quarter, significant growth in Emerging Markets and Foreign Exchange, and growth in Financing.
For the first nine months, net revenues were € 20.9 billion for both Core Bank and Group, up 7%, the highest nine-month net revenues since 2016. Deutsche Bank affirmed that continued strong performance presents upside to the Group’s full year 2022 revenue guidance range of €26 billion to €27 billion.
“2022 is a landmark year for Deutsche Bank”, James von Moltke, Chief Financial Officer, said. “We have delivered revenue and profit growth and built operating strength across all four of our core businesses in the year to date. We also saw the benefits of tight risk discipline, strong capital, and conservative balance sheet management. We have laid firm foundations for the next phase of our strategy through 2025.”