Deutsche Bank second-quarter profit beats estimates as provisions fall
Deutsche Bank AG posted profit ahead of analysts' expectations for the second quarter as provisions for credit losses plummeted, a sign that customers navigated the effects of the coronavirus pandemic better than expected.
Deutsche Bank managed to quickly sell off its exposure to Archegos Capital Management, whose implosion earlier this year cost some rivals multi-billion-dollar losses. The bank attributed the revenue decline to the normalization of financial markets and continued low interest rates. Mr. Sewing confirmed the bank is on track to achieve an 8% return on tangible equity--a key metric for profitability--in 2022.
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