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By Pierre Bertrand
Deutsche Bank on Wednesday reported a decline in second-quarter earnings after a rise in costs and loan-loss provisions, and separately said late on Tuesday that it plans to resume buying back shares in August.
The German lender’s profit attributable to shareholders in the quarter fell to 763 million euros ($843.5 million) from EUR1.05 billion in the prior year, while total revenue grew 11% to EUR7.41 billion.
The bank’s second-quarter earnings were hurt by non-interest expenses of EUR5.6 billion, a 15% on year increase, reflecting EUR655 million in non-operating costs due to litigation and restructuring expenses.
The bank also had an increase in credit loss provisions, a reflection of a more challenging environment, it said.
Deutsche Bank said separately that, starting next month, it is planning to start share buybacks over the remainder of the year worth up to EUR450 million, an amount roughly 50% higher than in 2022.
The bank said this was in line with the rise to 30 European cents of its 2022 dividend.
Deutsche Bank said it is expecting to return more than EUR1 billion in capital to shareholders this year through dividends and share repurchases, compared with around EUR700 million in 2022.
Write to Pierre Bertrand at [email protected]
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