Deutsche Bank Achieves Highest Q3 Profit of €1.5 Billion Since 2006

Deutsche Bank has announced its highest third-quarter profit before tax since 2006. Profit before tax was €1.6 billion for the third quarter of 2022, up nearly threefold compared to €554 million in the prior year quarter, while post-tax profit was €1.2 billion, up more than threefold from €329 million in the third quarter of 2021. Profit growth reflected 15% year-on-year growth in net revenues together with an 8% reduction in noninterest expenses.  

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Post-tax return on average tangible shareholders' equity (RoTE) was 8.2%, up from 1.5% in the prior year quarter. Post-tax return on average shareholders' equity (RoE) was 7.4% in the quarter, up from 1.4% year on year. The cost/income ratio improved to 72%, from 89% in the third quarter of 2021.

For the first nine months, profit before tax was €4.8 billion, up 46%, and post-tax profit was up 68% to €3.7 billion. Profit attributable to Deutsche Bank shareholders was up 80% to €3.2 billion. Post-tax RoTE was 8.1%, in line with the bank's full-year target and up from 4.8% in the first nine months of 2021, while post-tax RoE was 7.2%, up from 4.3%. The cost/income ratio improved to 73%, down from 82% in the prior year period. Results for the first nine months of 2022 included bank levies of € 747 million, up € 198 million, or 36%, over the prior year period.

"In the third quarter and first nine months of 2022, we delivered our best profits in more than a decade for both these periods. This underlines the success of our transformation efforts. We have significantly improved Deutsche Bank's earnings power and we are well on track to meet our 2022 goals. This reflects the outstanding efforts of our people. We have the strength to stand by our clients in a more challenging environment while growing returns to our shareholders,"said Christian Sewing, Chief Executive Officer at Deutsche Bank.