Deutsche Bank said this morning second-quarter pre-tax profit fell sharply to €1.09 billion - but came in at the upper end of expectations amid growth in trading income and lower risk provisions.
Analysts had forecast pretax profit of between €854 million and €1.119 billioncompared with €2.223 billion a year earlier.
Deutsche Bank said net profit rose to €572 million from €204 million, at the bottom end of the analysts' range of €572 million to €724 million.
Net interest income fell to €1.672 billion from €2.334 billion.
Trading income, however, rose to €1.529 billion from €974 million, while provisions for loan losses fell to €340 million from €588 million.
The bank said its underlying pretax profit rose to €1.2 billion compared withthe year earlier's €726 million and rose 30 per cent from the first quarter this year as aresult of continued "strong" performance in its core businesses.
Deutsche Bank was hit by a €503 million tax charge, which the bank said included one-off effects from changes to German tax law.
AFP