Deutsche Bank slashes its 2nd-quarter losses as investment-banking revenues surge 46%

Reuters

• Deutsche Bank grew its revenues and cut its losses in the second quarter, but its net interest income didn't meet Wall Street's expectations.
• Net revenues rose in the corporate and investment banking divisions, but fell in the private banking segment and asset management divisions.
• Deutsche Bank also boosted its provision for credit losses by 50% to 761 million euros in the three-month period in response to the coronavirus pandemic.
• "We continued to execute on our strategy and made further tangible progress against our objectives despite the challenges associated with the COVID-19 pandemic," CEO Christian Sewing and his team said in the earnings release.
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Deutsche Bank reported a slight increase in revenues and dramatically narrowed its losses in the second quarter as its transformation efforts paid off. However, its net interest income fell short of the consensus estimates of analysts polled by Bloomberg.

"We continued to execute on our strategy and made further tangible progress against our objectives despite the challenges associated with the COVID-19 pandemic," CEO Christian Sewing and his team wrote in the earnings release.

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