Deutsche Bank's Strong Performance Boosts Shares and Raises Profit Outlook
Deutsche Bank shares surged 7% after the lender reported a net profit of €1.031 billion ($1.06 billion) for the third quarter, slightly beating expectations. The bank also announced plans to increase and accelerate shareholder pay-outs. While the bank's net profit was down 8% from the previous year, it was up 35% from the previous quarter. Deutsche Bank's investment unit continued to struggle, with net revenues falling 4% year-on-year. However, the bank's corporate banking business performed well, with revenues rising 21% year-on-year. The bank expects revenues of around €29 billion for the full year and has the potential to release an additional €3 billion in capital.