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Deutsche Bank AG DB Stock Quote

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NYSE:DB

Morningstar‘s Stock Analysis DB

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5-Star Price

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Economic Moat

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Capital Allocation

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Good Q3 Performance at Deutsche Bank; Fair Value Estimate Maintained

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

Deutsche Bank reported operating profits before tax of EUR 1,615 million versus consensus estimate of EUR 1,340 million as collected by the bank prior to the release. Strong revenue performance, in particular in the corporate bank and investment bank, was the core driver of the better-than-expected results. Total net revenues increased 15% to EUR 6,918 million compared with the same quarter a year ago. Operating expenses on an underlying basis and excluding foreign exchange impacts declined 1%, while loan loss provisions increased to EUR 350 million from EUR 117 million a year ago. We maintain our EUR 11 per share fair value estimate and no-moat rating.

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Business Description

In July 2019, Deutsche Bank announced another restructuring plan hoping to revitalize revenue, reduce costs, and return to profitability. The largest moving pieces of the new plan is the full exit of global equity sales & trading, the scaling back of its fixed income business, as well as 18,000 FTE reductions until 2022. The remaining core business segments include private banking, corporate banking, asset management, and investment banking.

Contact
Taunusanlage 12
Frankfurt am Main, HE, 60325, Germany
T +49 6991000
Industry Banks - Regional
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 84,556

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