Deutsche Bank earned less in the third quarter. The reasons are weaker business in investment banking and higher taxes. Shareholders received a surplus of over one billion euros, eight percent less than a year earlier, as the DAX group reports. But that was still well above the estimates of analysts, who had only expected a profit of around 937 million euros.
Group revenues increased by three percent to around 7.1 billion euros in the quarter. For the full year 2023, around 29 billion euros are now expected instead of the original 28.5 billion. Our results demonstrate strong and sustainable growth dynamics in our business and ongoing cost discipline,” says CEO Christian Sewing. The board sees the bank in a position to release a further three billion euros in capital by 2025. It is already planning further share buybacks for 2024 in the eye.
Deutsche Bank was recently in the headlines here because of IT problems at Postbank. The financial institution had gradually taken over Postbank since 2009, but the integration was slow. Significant problems arose when converting Postbank’s information systems, which was supposed to be completed in July. At times, customers could not access their accounts and customer service was difficult to reach.
Sewing sees the bank on the right track here. Two thirds of the backlogs have been processed. “This gives us great confidence that we will be able to offer our customers the level of service that they rightly expect from us by the end of the year, as planned.”