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Deutsche Bank lifts profits as restructuring gains pace

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FRANKFURT AM MAIN  -  Germany's biggest lender Deutsche Bank said Thursday it had lifted profits in the second quarter, as it labours to return to healthy growth after years of business and legal woes.

Deutsche reported net profits attributable to shareholders of 447 million euros ($547.4 million) between April and June, up from just 18 million in the second quarter last year.

The bank was able to more than double its operating or underlying profit to 822 million euros, although revenues fell 10 percent compared with the same period in 2016 to 6.6 billion euros.

Revenues fell across Deutsche's corporate and investment banking, private and commercial banking, and asset management divisions.

"Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked," chief executive John Cryan said in a statement.

He pointed to "good progress" in bringing costs down some 15 percent compared with the second quarter in 2016.

Deutsche is undergoing an arduous restructuring after years of losses, in part due to massive fines from regulators over its role in the financial crisis.

The bank reported a 1.4-billion euro loss in 2016, after fresh fines on top of low interest rates and tougher post-crisis regulations that affect all eurozone banks.

Since the second quarter of 2016, it has slashed the equivalent of 4,656 full-time jobs.

And it has closed 177 retail banking branches in Germany since the beginning of this year out of a planned 188.

Deutsche confirmed that its capital buffer -- which regulators require to be kept on hand to cushion the impact of financial shocks -- grew to 14.1 percent after it issued new shares to raise 8.0 billion euros in new capital.

The bank offered no financial forecasts for the full year, with Cryan saying only that "as we modernise our bank we are turning our focus onto building profitable growth."

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Muslim Global: Deutsche Bank lifts profits as restructuring gains pace
Deutsche Bank lifts profits as restructuring gains pace
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