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Deutsche Shows Surprise Profit

Deutsche Shows Surprise ProfitDeutsche Shows Surprise Profit

Germany’s biggest lender has surprised the market by announcing projected profits of around €700 million($821 million) for the second quarter of 2018. The bumper results come nine days ahead of the release of their earnings report, DW reported. Germany’s biggest bank, Deutsche Bank, is expecting significantly higher profits than predicted for the second quarter of 2018. In the period from April to June, the bank is expecting to report a profit of €700 million before tax, and €400 million after tax—more than double the €321 million pre-tax profits.  Analysts had previously predicted a profit of €159 million after tax, forcing the Frankfurt-based conglomerate to announce the revised forecast ahead of the release of their full earnings report on July 25. Deutsche Bank, whose shares had fallen by almost 40% since the start of the year, have embarked on severe cost-cutting measures during this period after three straight full-year losses, cutting the company’s workforce by 1,700 to just over 95,400.

 

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